Crude oil futures fell for the fifth straight session on Friday amid persistent concern about weak demand and as much of the cold snap in the US came to an end. Losses on Wall Street also pressured demand for oil.

US light crude oil for February delivery fell $1.39 to settle at $78 a barrel on the New York Mercantile Exchange.

US equities fell ahead of fourth quarter figures from JP Morgan. Earnings beat forecasts but the group issued cautious comments about the retail arm and higher provisions.

Meanwhile the International Energy Agency kept its forecasts for global oil demand for 2009 and 2010 pretty much unchanged, underlining concern about weak demand.

Among precious metals Comex gold for February delivery declined $12.50 to settle at $1,130.50 an ounce as the dollar gained against major currencies.

Jitters about China's move to cool its economy also weighed on the yellow metal.

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