NEW YORK: Oil prices rose Friday as investors banked on greater demand following encouraging economic data in China and the United States.
New York's main contract, West Texas Intermediate for February, settled at $95.56 a barrel, up seven cents from Thursday's close.
Brent North Sea crude for delivery in March rose 79 cents, closing at $111.89 a barrel.
Crude oil prices were supported by positive economic news out of the world's two biggest crude oil consumers.
On the heels of Thursday's better-than-expected US data on jobless claims and housing starts, China announced Friday that while economic growth slowed for the second straight year in 2012, output dashed 7.9 percent higher in the fourth quarter compared with the year-ago period.
The International Energy Agency, in its monthly report, raised its 2013 global demand forecast by 240,000 barrels per day, to 90.8 million bpd.
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