Oil prices jumped more than 5 percent on Friday, boosted by the response to a bullish report on consumer sentiment.
WTI crude oil futures settled up $2.44, or 5.3 percent, at $48.69 a barrel. The contract ended the week 0.7 percent higher, marking its first weekly gain in seven. Brent crude futures for March were last up about $2 at $50 a barrel.
The University of Michigan released a report showing consumer sentiment at its highest level in more than a decade, thanks to low gasoline prices and job gains.
While the report was definitely bullish, it was not enough to balance out the rest of the world's diminishing demand, said energy economist James Williams at WTRG Economics.
"It doesn't fix anything in Europe," he said. "The world isn't getting better."
In China, the second-largest oil consumer, there were signs of weakness as the central bank announced new support measures after data showed a drop in bank lending and foreign investment growth falling to a two-year low.