Investing.com - Crude oil futures were trading near five-week highs during early European trading hours on Friday, as markets were eyeing the release of a key U.S. jobs report later in the day and after production in Europe and the U.S. was cut due to severe weather. On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD97.37 a barrel during European morning trade, down 0.02%. The January contract settled up 0.19% on Thursday to end at USD97.38 a barrel. Oil futures were likely to find support at USD96.31 a barrel, Wednesday's low and resistance at USD98.52 a barrel, the high from October 21. Oil prices remained supported after the U.S. Commerce Department on Thursday said gross domestic product increased at a seasonally adjusted annual rate of 3.6% in the three months to September, above expectations for growth of 3.0% and up from a preliminary estimate of 2.8%. The strong data suggested that demand could improve in the world's biggest oil consumer. Separately, North Sea oil producers reportedly cut output and moved staff from some platforms as a major storm moved towards mainland Europe in what meteorologists warned could be the worst storm to hit the continent in years. Cold weather also dented some oil and gas production in the U.S. and could further weigh on output in top crude-producing states like Texas and North Dakota. Elsewhere, on the ICE Futures Exchange, Brent oil futures for January delivery rose 0.26% to trade at USD111.17 a barrel, with the spread between the Brent and crude contracts standing at USD13.8 a barrel.

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