Crude oil futures managed a small advance on Friday as the stronger dollar diluted headway driven by upbeat Chinese economic data and as the International Energy Agency raised its global oil demand forecast for 2013.

The EIA increased its forecast for oil demand this year, citing expectations of higher demand from China, the world's second biggest oil consumer.

It raised its forecast for oil demand by 240,000 barrels a day for 2013 to 90.8m barrels a day.

Crude for February added 7 cents to settle at $95.56 a barrel on the New York Mercantile Exchange. Normal floor trading will be closed Monday for the Martin Luther King holiday.

Meanwhile China reported a quarterly growth rate of 7.9%, up from 7.4% the previous quarter. The figure is ahead of expectations for 7.8% growth for the quarter and fuelled hopes that the Chinese economy is recovering steadily.

Otherwise the stronger dollar dented good demand for crude on Friday. The dollar index, traded at 79.994 from 79.691 the session before. A stronger makes oil more expensive for holders of other currencies.

Among precious metals gold settled lower on Friday as the stronger dollar chipped away at demand.

Gold for February delivery fell $3.80 to settle at $1,687 an ounce on the Comex division of the New York Mercantile Exchange.


CJ

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