Oil prices higher in Asian trade

SINGAPORE: Oil rose in Asian trade Friday on expectations the US economy saw robust growth in the final quarter of 2011, analysts said, while tensions between the West and Iran also supported prices.

New York's main contract, West Texas Intermediate crude for delivery in March, gained 31 cents to $100.01 a barrel in morning trade.

Brent North Sea crude for March delivery was up 34 cents at $111.13.

"Crude markets are holding steady, with prices supported by an anticipation of strong US growth data in Q4 (fourth quarter) of 2011," said Nick Trevethan, senior commodities strategist at ANZ Research.

The US Commerce Department will release its figures later Friday, with analysts expecting the world's biggest economy to have grown 3.20 percent in the quarter, the fastest pace in 18 months. (AFP)