Oil prices ended slightly higher on Friday after the International Energy Agency said crude demand should grow at the end of this year and in 2010 as the global economy recovers.
New York's main contract, light sweet crude for delivery in November edged up eight cents to $US71.77 a barrel.
London's Brent North Sea crude for November gained 23 cents to $US70.00.
Traders said the market gave in to profit-taking early in the day before bouncing back.
The mostly weak US dollar, which has fuelled prices in recent weeks, rebounded on Friday and kept a lid on prices after Federal Reserve Chairman Ben Bernanke hinted that US interest rates could be on the rise.
A rise in the US interest rates would make the dollar more attractive to investors.
Gold prices fell as the US dollar moved higher against other major currencies after Federal Reserve Chairman Ben Bernanke signalled that the US central bank was prepared to wind down its stimulus measures when needed.
Some investors interpreted his comments as a sign the Fed might raise interest rates sooner rather than later, which would support the US dollar. Gold benefits from a weak dollar because it is used as a hedge against inflation.
The December gold contract fell $US7.70 to $US1,048.60 an ounce on the New York Mercantile Exchange, after setting new record highs three days in a row last week.
Gold finished the week up 4.4 per cent.
Other metals also fell. December silver dropped 12.5 cents to $US17.69 an ounce, while October platinum lost $US14.40 to $US1,331.60 an ounce.
December copper futures fell 6.05 cents to $US2.838 a pound.
