Oil prices extend gains

Singapore
Crude extended gains in Asia Friday following a 10 percent price surge in the previous session fuelled by strong US economic data.
US benchmark West Texas Intermediate (WTI) for October delivery rose 66 cents to $43.22 while Brent crude for October gained 64 cents to $48.20 in afternoon trade.
Both WTI and Brent on Thursday closed up 10.3 percent, after hovering around six-and-a-half year lows all week on concerns about China´s faltering economy.
"We are seeing very strong volumes in Asian trading... there´s a bit of shock and disbelief at the strength of the US economic data," Michael McCarthy, chief market strategist at CMC Markets in Sydney, said.
The rally comes after the Commerce Department reported the US economy expanded at an annual rate of 3.7 percent in the second quarter, sharply above the initial appraisal of a 2.3 percent gain.