Oil prices travel up to $ 1 on the back of new US data that have lowered recession fears.
Brent crude futures are up 73 cents, or 0.73%, at $ 100.07 a barrel, while US West Texas Intermediate (WTI) crude futures are up 0.84%, to $ 92.93.
Both contracts rose a whopping $ 1 at the start of trading after plunging about $ 2 on Thursday.
Better-than-expected US economic data helped allay fears that a recession was underway.
The US economy contracted at a slower pace than initially thought in the second quarter as consumer spending eased some of the brake from a sharp slowdown in inventory build-up.
Further support on prices came from the prospect of the Organization of Petroleum Exporting Countries (OPEC) reducing production to offset the return of Iranian barrels to oil markets if Tehran concludes a nuclear deal with the West.
On Friday, the UAE became the latest OPEC + member to support a possible cut in oil production.
“The producer group is keen to safeguard the minimum price of $ 100 / bbl and, as such, the downside potential seems limited,” said PVM analyst Stephen Brennock.
Tehran is reviewing Washington’s response to a final offer drawn up by the European Union to relaunch the nuclear deal. It is unclear, however, how quickly Iranian oil exports would resume if a deal was reached.