West Texas Intermediate futures for October delivery advanced to $42.85 (+0.68%), while Brent crude climbed to $47.71 (+0.32%) amid signs of stabilization in equity markets. U.S. crude is about to post its first weekly gain in 11 weeks.

Strong GDP data from the U.S., the world's biggest consumer of oil, supported prices. The U.S. Commerce Department reported on Thursday that revised U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Both consumer spending and business investment were revised up.

Daniel Ang, analyst at Phillip Futures, said that prices improved after bears had covered their short positions and bulls had taken on long positions.

Oil prices got an additional support after an article in the Wall Street Journal said that Venezuela requested a meeting with other OPEC members and Russia. A change to the cartel's policy could help solve the global glut issue.