Investing.com - Crude prices fell in U.S. trading on Friday after investors locked in gains from Thursday''s solid U.S. economic growth report and sold the commodity for profits.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD98.06 a barrel during U.S. trading, down 0.17%. New York-traded oil futures hit a session low of USD97.12 a barrel and a high of USD98.22 a barrel.
The March contract settled up 0.89% at USD98.23 a barrel on Thursday.
Nymex oil futures were likely to find support at USD95.22 a barrel, Monday''s low, and resistance at USD98.58 a barrel, Thursday''s high.
Oil prices gained after the Commerce Department reported on Thursday that U.S. gross domestic product expanded 3.2% in the three months to December, in line with most forecasts, even outpacing some, following a 4.1% rise in the third quarter.
Exports grew by 11.4%, while federal consumption decreased, which drew particular applause by fanning hopes the private sector will fuel more growth going forward.
The data showed personal consumption grew 3.3% in the three months ended Dec. 31, the biggest increase in three years.
On Friday, investors sold the commodity for profits, particularly on the monetary implications of improving U.S. growth.
The Federal Reserve is likely to continue winding down its monthly bond-buying program, which weakens the dollar to spur recovery.
A stronger greenback often makes commodities like oil less attractive on dollar-denominated exchanges.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.93% and trading at 106.95 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD8.89 a barrel.
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