Crude oil futures rose on Friday as investors cheered a drop in the US unemployment rate to below 9% and as markets eye the eurozone summit.

Crude for January delivery settled 76 cents higher to $100.96 a barrel on the New York Mercantile Exchange. Over the week crude gained 4.3%.

On the ICE futures exchange Brent crude rose $1.25 to $110.24 a barrel.

The Labor Department's widely watched non-farm payrolls report said payrolls rose 120,000 last month. In a separate survey the unemployment rate to 8.6% from 9% the month before. This is the first time the jobless rate has been under 9% in nearly three years.

The data sparked hopes that the US economy is headed in the right direction and will lead to a increased demand for oil.

Trading was lighter than usual with many traders sitting on the sidelines ahead of this week's euro-zone summit. German Chancellor Angela Merkel and French President Nicolas Sarkozy are to meet to agree on joint proposals to sooth the euro zone debt crisis.

The stronger dollar also kept crude's gains in check, making it more expensive for holders of other currencies.

Among precious metals gold maintained its safe haven allure on Friday ahead of the eurozone talks.

Gold for February delivery advanced $11.50 to $1,751.30 an ounce on the Comex division of the New York Mercantile Exchange. Over the week bullion gained nearly 4%.

Silver for March fell 7 cents to $32.69 an ounce on Friday after a strong week. Over the week silver rose 5.4%.


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cj

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