U.S. crude oil price rose on Friday on hopes for demand increase and continuing supplies concerns, registering the second consecutive weekly gains.

The Conference Board said on Friday its index of leading indicators for January rose 0.4 percent, citing the stimulative monetary policy, momentum in the manufacturing sector and a bullish stock market as three central strengths for the economic outlook.

U.S. crude prices got largely boosted and hit nine-month high as more and more positive signs of U.S. economic recovery fueled hopes for an increase of oil demand, which kept to be tepid in last months.

Meanwhile, euro zone central banks had agreed to exchange Greek bonds they held to new bonds the country issued as a part of the rescue plan. Investors assumed new Greek debt deal could be reached in the coming week, boosting market sentiment.

The tension between Iran and the West tended to get intensified after Iranian President Mahmoud Ahmadinejad said foreign intervention in the Middle East should not be allowed. Risks to Iran's oil exports lingered.

Light, sweet crude for March delivery gained 93 cents, or 0.91 percent to settle at 103.24 dollars a barrel on the New York Mercantile Exchange. For this week, it surged 4.57 dollars, or 4. 63 percent.

But in London, Brent crude edged down and last traded below 120 dollars a barrel.