Investing.com - Crude oil futures rallied over 1% on Friday, easing off one-month lows after data showed that U.S. stockpiles dropped more than expected last week.
On the New York Mercantile Exchange, crude oil for July delivery hit $58.34 during European early afternoon hours, up 66 cents, or 1.14%. A day earlier, Nymex oil prices gained 17 cents, or 0.30%, to end at $57.68.
Crude prices were boosted after the U.S. Energy Information Administration (EIA) said crude oil inventories fell by 2.8 million barrels last week, compared to expectations for a fall of 1.5 million barrels.
It was a fourth straight week of declines in domestic crude stocks
Oil futures had come under pressure earlier in the week as recent U.S. economic data, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the economy is gaining momentum after a slowdown in the first quarter.
Expectations that the economy will rebound have supported the view that the Federal Reserve will begin to hike interest rates around September.
Market participants were looking ahead to preliminary first-quarter U.S. economic growth data due later in the day, for further indications on the strength of the economy.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery advanced 56 cents, or 0.89%, to trade at $63.16 a barrel. On Thursday, London-traded Brent futures climbed 52 cents, or 0.84%, to settle at $62.58.
The spread between the Brent and the WTI crude contracts stood at $4.82 a barrel.