Crude oil futures closed higher on Friday amid optimism about the outlook for oil demand thanks to some upbeat U.S. economic data and the Chinese central bank's fresh stimulus to spur growth. The data from the Commerce Department showed that U.S. gross domestic product (GDP) shot up by 3.3% in the fourth quarter after surging by 4.9% in the third quarter, while the street had expected GDP to jump by 2%. Concerns about supply disruptions in the Middle East due to ongoing unrest in the region also contributed to the uptick in oil prices.
Benchmark crude oil futures for March delivery rose $0.65 or 0.84% to settle at $78.01 a barrel on the New York Mercantile Exchange. Brent crude for March delivery rose $1.12 to $83.55 per barrel on London's Intercontinental Exchange.