New York, Aug 29 (IANS): Oil prices continued to rally on Friday for the second day amid upbeat economic data.

On the economic front, the US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, Xinhua reported, quoting the US Commerce Department.

Personal consumption expenditures increased 0.3 percent in July after an upwardly revised 0.3 percent rise in June.

The US Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0. 6 percent in the first quarter.

Oil prices soared on Thursday to the biggest one-day increase since 2008, also boosted the resurgent of global equity market.

The West Texas Intermediate for October delivery moved up $2.66 to settle at $45.22 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery increased $2.49 to close at $50.05 a barrel on the London ICE Future Exchange.