Oil futures fell in London trading Friday after both contracts hit highs not seen since Jan. 2 in the prior session, prompting some profit-taking.
Brent crude on the ICE futures exchange was down 71 cents, or 0.7%, to $107.24 a barrel. Light, sweet crude for March delivery was down 40 cents, or 0.4%, at $97.83 a barrel on the New York Mercantile Exchange.
On Thursday "strong U.S. economic data renewed hoped of stronger global demand," pushing prices upward, said Investec in a note to clients.
U.S. GDP data indicated strong growth at 3.2% up from the previous quarter, prompting a surge in the dollar.
These dollar gains are capping moves higher, said Kash Kamal at Sucden Financial.
Crude's falls Friday may be linked to some investors selling the rally. Globally, oil prices are still feeling downward pressure from "worries over China's faltering consumption," Investec said.
Brent is more susceptible to disappointing Chinese data than is WTI. Sucden's Mr. Kamal also said that positive U.S. data surprises were possible later in the day, including from Chicago Purchasing Managers' Index and employment numbers, and that these could be supportive to the WTI price.
Asian markets were mainly closed for Lunar New Year holidays.
The price difference between Brent and WTI, also called the spread, fell Thursday to below $10 a barrel for the first time since early November.
"For as long as the cold snap continues in the U.S. the trend is likely to continue, for this should attract more financial investors to bet on further narrowing of the price differential," they said.
Recently the ICE's gas oil contract for February delivery was down $5.25 at $918.75 a metric ton, while Nymexgasoline for March delivery was down 26 points at $2.66.00 cents a gallon
