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New York - Upbeat German and French economic growth data and favorable European corporate earnings on Friday drove up oil prices and pulled the euro off a six-week low against the dollar.
World stocks, measured by the MSCI world equity index traded flat on the day, coming off a three-week low set on Thursday.
Germany's economy beat the most bullish forecast in a Reuters poll to grow by 1.5% in the first quarter while the French economy also grew faster than expected thanks to a strong pick-up in business investment, expanding 1.0% from the final quarter of 2010.
Strong growth data from the euro zone on Friday encouraged investors to move back into oil, which has tumbled more than $20 over the last week but recouped some of those losses.
"Very healthy numbers out of the euro zone this morning are supporting oil and have pushed the euro (up) against the dollar," said Robert Montefusco, broker at Sucden Financial.
June Brent last traded up 0.3% at $113.32 a barrel. US light crude oil futures for June earlier rose to a high of $100.70, before easing back to trade around $99.13.
The euro last traded at $1.4221 , moving away from a six-week low set on Thursday.
Concerns that Greece won't repay private bondholders in full have contributed to the currency shedding roughly 5% from a peak near $1.4940 hit in early May.
A Eurogroup meeting of euro zone finance ministers is due to be held on Monday, followed on Tuesday by an Ecofin meeting of European Union finance ministers.
Wall Street edged down at the open after April US inflation rose in line with expectations, helping investors reassess the recent volatility in the commodities market.
US consumer prices gained in April on higher food and energy prices but continued to exhibit little sign of a broader pick-up in inflation that would trouble the Federal Reserve.
The Nasdaq was dragged lower by Nvidia's financial results and a Yahoo announcement of restructuring in a subsidiary.
The Dow Jones industrial average dipped 41.52 points, or 0.33%, to 12 653.79. The Standard & Poor's 500 Index edged down 4.15%, or 0.31%, to 1 344.50. The Nasdaq Composite Index lost 15.2 points, or 0.57%, to 2 846.38.
