Crude oil futures settled lower on Friday as figures showed the US economy grew less than expected in the fourth quarter.

The Commerce Department said US gross domestic product grew at an annual rate of 2.8% in the fourth quarter, after advancing just 1.8% in the previous three months. While economic activity accelerated in the fourth quarter of the year, it was at a slower than forecasts of 3% growth.

Crude futures for March delivery settled 14 cents lower at $99.56 a barrel on the New York Mercantile Exchange.

Brent for March delivery rose 67 cents to close at $111.46 a barrel on the ICE Futures in London. It settled the week 1% higher. Brent's gains were supported by a weaker dollar and the European Union's embargo on Iranian oil imports.

Meanwhile talks between Greece and its creditors continued with reports suggesting that a deal was very close. Private sector bondholders are reportedly being asked to accept a 70% haircut on debt.

Among precious metals gold was buoyed by a bout of safe haven buying on Friday.

Gold for February delivery advanced $5.50 to settle at $1,732.20 an ounce on the Comex division of the New York Mercantile Exchange.

Silver for February rose 5 cents to settle at $33.79 an ounce while copper for March fell 1 cent to end at $3.89 a pound.

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