Investing.com - Crude oil futures rallied on Friday, as data on Thursday showing that manufacturing activity in the Philadelphia-region expanded at the fastest rate since December 1993 in November continued to support the commodity.
On the New York Mercantile Exchange, U.S. crude oil for delivery in January jumped $1.32 or 1.75% to trade at $77.18 a barrel during European early afternoon trade.
Prices rallied $1.35 or 1.81% on Thursday to settle at $75.85.
Oil prices strengthed after the Federal Reserve Bank of Philadelphia said that its manufacturing index jumped to a 21-year high of 40.8 from 20.7 in October. Economists had expected the index to decline to 18.5.
Data also showed that U.S. sales of previously owned homes rose to a 13-month high in October.
In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 15 decreased by 2,000 to 291,000 from the previous week's revised total of 293,000.
A separate report showed that U.S. consumer prices were flat last month, compared to estimates for a decline of 0.1% and following a gain of 0.1% in September.
Meanwhile, market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output to support prices when it meets next week.
Libya's OPEC governor Samir Kamal said Wednesday that oil ministers from the 12-member group should trim excess supply and cut its output target when they meet in Vienna on November 27.
Oil ministers from Venezuela and Ecuador have also asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery climbed $1.70, or 2.14%, to hit $81.03 a barrel, with the spread between the Brent and the WTI crude contracts stranding at $3.85.