Crude oil prices reversed early losses on Friday, with Brent on track for its first weekly gain in a month, as strong U.S. gasoline demand and hopes of OPEC action outweighed concerns over fundamental oversupply.
Brent crude futures rose $1.47, or 4.2 percent, to $36.76 per barrel at 9:28 a.m. ET (1428 GMT), about $2 above an intraday low of $34.73.
U.S. West Texas Intermediate (WTI) crude futures were up $1.33, or 4 percent, at $34.40 a barrel, off a low of $32.76.
Futures extended gains after government data showed U.S. economic growth slowed in the fourth quarter, but not as sharply as initially thought.
Gross domestic product increased at a 1.0 percent annual rate instead of the previously reported 0.7 percent pace, the Commerce Department said on Friday in its second GDP estimate.
The gains, if they hold, would mark the third consecutive daily increase for Brent and the fifth for U.S. benchmark WTI.