Oil prices trade mixed

Oil prices traded mixed on Friday amid a brighter US economic outlook and falling US crude stockpiles. New York's main contract, West Texas Intermediate for delivery in August, closed at $108.05 a barrel, only a cent higher than Thursday's settlement. The European benchmark contract, Brent North Sea crude for September, fell 63 cents to $108.07 a barrel. The New York WTI contract had surged as high as $109.32 in morning trade, topping the price of Brent for the first time since August 16, 2010. "Better-than-expected US economic data are providing the WTI price with upward momentum and so is the sharp reduction of US crude oil stocks in past weeks," said Commerzbank analyst Carsten Fritsch. "This makes investments in WTI more attractive for investors than investments in Brent," the analyst said. Brent oil prices have historically traded below WTI crude but over the past three years have stayed above the US contract, largely owing to high US stockpiles, according to analysts. In October 2011, Brent traded almost $28 above WTI.