Crude oil futures were steady to a tad lower in Asia Friday following declines in regional equities, as investors were cautious after poor European data and ahead of the Group of Twenty meeting this weekend.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at $97.27 a barrel at 0631 GMT, down $0.04 in the Globex electronic session. April Brent crude on London's ICE Futures exchange fell $0.12 to $117.88 a barrel.
Brent prices moved in a tight 40-cent band in Asian trade Friday as a positive jobs report from the U.S. partially offset bearish news from the euro zone which reported a 0.6% decline in the fourth-quarter gross domestic product.
But the reports also pushed the U.S. dollar higher against the euro, putting downward pressure on oil prices. A stronger dollar tends to weaken oil prices as it makes the commodity more expensive for buyers holding other currencies.
Analysts say oil prices lack strong impetus to move in either direction as much of the bullishness over fundamentals and geopolitical risks seem already priced in and there aren't enough bearish factors to spur profit taking.
"Until the bearish catalyst or trigger emerges, we always look both ways when crossing the street," said analysts at Societe Generale in a note to clients.
"In the absence of a catalyst or trigger for profit taking and liquidation, the path of least resistance for Brent prices and the global oil complex continues to be higher," they said.
Nymex reformulated gasoline blendstock for March--the benchmark gasoline contract--rose 171 points to $3.1337 a gallon, while March heating oil traded at $3.2227, 10 points lower.
ICE gasoil for March changed hands at $1012.75 a metric ton, up $1.50 from Thursday's settlement.
