Oil increased, paring this week’s decline, on speculation that fuel demand will climb with the economic rebound in the U.S., the world’s biggest crude- consuming country.

Futures in New York gained as much as 1 percent after reports showed U.S. industrial production rose for a 10th month as the previous month’s output was revised to a gain. Crude climbed after consumer prices excluding food and energy costs rose a smaller-than-forecast 0.1 percent last month, showing inflation remains controlled.

Crude for April delivery rose to $106.14 a barrel on the New York Mercantile Exchange. Prices are up 7.1 percent this year and down 1.4 percent this week.

Brent oil for May settlement increased $2.07, or 1.7 percent, to $124.67 a barrel on the London-based ICE Futures Europe exchange.

Gold on Friday reduced in price after a positive statistical data on the labor market in the U.S. reduced demand for the metal as a safe asset.

On Thursday it became known that the number of initial claims for unemployment benefitsin the U.S. for the week ended March 10 fell by 14,000 and totaled 351,000. The data were better than analysts' forecasts, reducing the number of applications waiting only for7000.

April futures price of gold on COMEX has fallen today to $ 1639.7 an ounce.

Change % Change Last

Oil $105.30 +0.19 +0.18%

Gold $1,659.60 +0.10 +0.01%