Crude oil prices rebounded Friday on revised U.S. economic data, recovering from midweek slumps sparked by OPEC comments and U.S. inventory buildups.

The prices for West Texas Intermediate, the U.S. crude oil benchmark, rallied 2.2 percent from the previous close to move within sight of the $50 mark, trading at $49.12 for the April contract. Late-2015 contracts show WTI moving close to $60 per barrel.

The U.S. Energy Information Administration expects a full-year average WTI price of around $58 per barrel.

Oil prices fell midweek after dueling comments on the oil market situation from members of the Organization of Petroleum Exporting Countries. De facto OPEC leader Saudi Arabia said the markets are calm, though Saudi Aramco this week canceled a rig contract with U.S. company Hercules Offshore.

Oil markets were pressured further by EIA data showing crude oil inventories in the United States at an 80-year high. U.S. oil production of around 9.2 million barrels per day, meanwhile, is close to the all-time record.

The rally Friday was in part sparked by revised data from the U.S. Commerce Department, which said the U.S. economy expanded at a slower pace in the fourth quarter than previously estimated. The Commerce Department revised fourth quarter gross domestic product down 0.4 percentage points to 2.2 percent.

The revision was a reflection of weak government spending and an uptick in overall imports.

The price for Brent, the global oil benchmark, continued to pull further away from WTI. Brent for April delivery gained nearly 2 percent from the previous close to trade at $61.20 per barrel.