U.S. crude traded above $48 on Friday after the University of Michigan released a report showing U.S. consumer sentiment reached its highest level in more than a decade in December.

The report credited lower gasoline prices and gains in jobs for the rise of the consumer sentiment index to 98.2, the highest since January 2004.

John Kilduff of Again Capital LLC called it a "blockbuster" number. "It's a pretty good harbinger for the economy going forward," he said.

U.S. crude rose $1.46 to trade at $47.71 after reaching a high of $48.37 by 10:44 a.m. EST (1544 GMT). Brent was trading at $49.62 after a rise of $1.34.