Oil settles higher after upbeat economic data from China, U.S.

Oil futures settled higher Friday, notching a weekly gain of more than 1%, as better-than-expected economic data from China and the U.S. helped lift prospects for energy demand.

August West Texas Intermediate crude CLQ6, -0.02%  tacked on 27 cents, or 0.6%, to settle at $45.95 a barrel on the New York Mercantile Exchange, with futures prices gaining 1.2% for the week.

September Brent crude LCOU6, +0.19%  on the ICE Futures exchange in London added 24 cents, or 0.5%, to $47.61 a barrel—roughly 1.8% higher for the week.

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