At 12:30 GMT, the US economy released its reading for the retail sales index , which rose 0.6% in June, beating forecasts of drop by 0.4%, and higher than the previous reading of a drop by 1.7% after it was revised from 1.3%. 

The core reading (excluding car sales) rose 1.3%, beating forecasts of 0.4%, while the previous reading was at -0.9%. This data is positive for the US economy. 

Oil prices jumped more than 1% as the US market opened on Friday, rebounding from a 1-week low hit earlier, thanks to global demand hopes, after OPEC raised its demand forecast for 2022 and after a large drop in the US crude inventories, which overshadowed oversupply concerns as the OPEC Plus alliance is near announcing an output hike.

US crude rose 1.1% to $72.27 a barrel, after opening at $71.46, and hit a low at $71.20, and Brent crude rose 1.3% to $74.07 a barrel, after opening at $73.12, and hit a low at $73.02.

The US crude lost 2% yesterday, and Brent crude fell 1.6%, in the second daily loss, due to growing oversupply fears after Saudi Arabia and the UAE resolved their dispute.

OPEC said during its monthly report that it expects the global demand for oil to rise to its pre-pandemic levels next year, to around 100 million barrels per day, thanks to growing demand in the US, China and India, the world's largest oil consuming countries.

The total US commercial inventories fell to the lowest level since the week ending on January 31, 2020 at 437.58 million barrels, in a positive sign of the US demand levels.

Saudi Arabia and the UAE are near reaching an agreement to allow more supply in the market.

A dispute between the two Gulf countries sparked after the UAE objected to a proposal to increase output by 2 million barrels per day from August to December, and to extend the entire cuts until the end of 2022.

The main US stock indices edged higher in early trading on Friday, after the release of upbeat economic data.

Data showed that the US retail sales index rose 0.6% in June, beating forecasts of a drop by 0.4%.

The core retail sales index (excluding fuel and food prices) rose 1.3% in June, beating forecasts of 0.4%.

The markets are closely focused on the quarterly earnings results season, after several major banks announced their results this week, and the US tech companies will announce their results the next few days.

As for stocks, Dow Jones rose 0.1% or 32 points to 35,009 as of 14:15 GMT, and S&P 500 rose 0.3% or 10 points to 4,371, while Nasdaq rose 0.3% or 50 points to 14,611.

The US dollar rose against a majority of rivals on Friday, extending gains for the second day, amid growing odds of the Federal Reserve to tighten monetary policy soon.

The dollar index rose 0.15% to 92.71 points, after opening at 92.58 points, and hit a low of 92.53 points.

The US dollar gained 0.25% yesterday, thanks to renewed demand for the greenback.

The greenback gained 0.7% so far this week, on track for the second straight weekly gain, after strong US inflation data.

Data showed that the US consumer prices rose at the fastest pace in nearly 13 years during June, which increased inflationary pressures on the US monetary policy makers increased the odds for start of reducing the bond-buying program.

At 12:30 GMT, the monthly US retail sales reading is expected down by 0.4% in June from a drop by 1.3% in May, and the core retail sales reading (excluding cars sales) is expected up by 0.4% from a drop by 0.7%.