As per the latest data released on the value of crude oil, the commodity rose on Friday, opposing the claims that the US economy has been suffering a sloth.

The crude traded at 59 cents, coming out to be 0.8% higher than the price reported earlier at the New York Mercantile Exchange.

It rose from the $76.83 of rate in the early trading at the same exchange.

The price dropped following the lowering of GDP estimates by the Commerce Department for the second quarter. The Department said that that the GDP is expected to tumble down to 2.4% in the second quarter.

A recent report on the economic growth had indicated a sloth in the economic recovery. This had added to the woes on the global demands for the crude.

The Reuters/University of Michigan consumer sentiment measure surged to 67.8 for July, against the initial reading of 66.5.

“Those two positive numbers offset the negative. The problem is that there is not a lot of conviction in the marketplace”, said Phil Flynn, an Oil Analyst with PFG Best.

The expected rate of $80 a barrel for the crude has elevated the hopes of robustness in the recovery.