Oil futures finished lower on Friday after the latest inflation data from China fuelled concern about slower demand from the world's largest energy consumer.

Crude for February delivery settled down 26 cents at $93.56 a barrel on the New York Mercantile Exchange. Over the week oil prices settled 0.5% higher.

Data out on Friday showed China's consumer prices rose 2.5% in December from 2% the month before after a cold weather snap increased food prices. Most analysts forecast a reading of 2.3%.

The higher than expected inflation report cooled hopes for further stimulus in China and sparked concern about slower demand for oil in China.

Over on the ICE futures exchange Brent crude declined $1.34 to $110.55 a barrel.

Gold also settled lower on Friday but managed to produce a weekly gain as investors digested the Chinese inflation figures.

Gold for February delivery dropped $17.40 to settle at $1,660.60 an ounce on the Comex division of the New York Mercantile Exchange. For the week bullion settled with 0.7% gain.

March copper fell 5.5 cents to settle at $3.65 per pound while March palladium dropped 75 cents to end at $701.45 an ounce.



CJ

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