Crude oil futures ended 0.4 percent higher on Friday, in a four-day winning streak, as official data showed February US oil demand was stronger than initially estimated.

Crude for June delivery climbed 38 cents to settle at $104.93 a barrel on the New York Mercantile Exchange. Over the week crude settled 1% higher.

Revised data from the Energy Information Administration showed oil demand in February rose by 466,000 barrels a day from January or 2.6%. On a year on year basis demand in February fell just 0.7% to 18.734 million barrels a day, confounding initial estimates of a 3.1% decline. Gasoline demand fell less than expected while demand for distillates, used in diesel and heating oil, rose 2.1% from last year.

Earlier, oil prices had come under pressure after the Commerce Department said Friday that GDP rose at a 2.2% annual rate in the first quarter, down from 3% in the previous quarter. Economists had expected growth of around 2.7% in the first quarter.

In London Brent crude for June settled down 9 cents at $119.83 a barrel on concern about Spanish unemployment, which rose to an 18-year high. Spain's economic outlook was further hit as Standard & Poor's downgraded the nation's debt by two notches to BBB-plus from A.

Among precious metals gold advanced 0.3% on Friday as data showed US economic growth slowed more than expected in the first quarter.

Gold for June delivery added $4.30 to $1,664.80 an ounce on the Comex division of the New York Mercantile Exchange.




CJ

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