Oil prices closed in on $100 a barrel Friday in Asia amid expectations an improving U.S. economy will boost demand for crude.

Benchmark crude for February delivery was up 23 cents to $99.76 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 86 cents to finish at $99.53 on Thursday.

European stocks rose on Friday, the last trading day before the Christmas break, as traders temporarily put aside the debt crisis worries that have roiled markets for most of 2011.

Amid thin trading, investors continued to buy up stocks and the single currency after Italy accepted fresh austerity measures and positive U.S. jobs data, traders said.

The French economy grew less than first thought in the third quarter at a revised 0.3 percent, down from the initial estimate of 0.4 percent, the national statistics institute INSEE said Friday.

INSEE said the downward revision reflected lower industrial output and the inclusion of final sales figures.

European stocks were higher Wednesday and the euro was steady as markets digested a mixed set of U.S. economic data in subdued trade ahead of the Christmas holiday break.

Dealers said that after a volatile and dramatic year driven by fears the Eurozone debt crisis will tip the world into recession, the tone has turned slightly more positive, driven mainly by recent U.S. figures.

Russia announced plans on Thursday to place up to $7.0 billion (5.4 billion euros') worth of Eurobonds next year depending on market conditions and the pace of Europe's recovery from its sovereign debt crisis.

"We will be placing them in parts depending on the situation on the market," news agencies quoted Finance Minister Anton Siluanov as saying.

Oil prices rose above $99 a barrel Thursday amid signs of growing U.S. crude demand and concerns about global supply.

Benchmark crude rose 93 cents to $99.60 per barrel in morning trading in New York. Brent crude rose 48 cents to $108.19 per barrel in London.

Weekly claims for U.S. unemployment benefits fell to the lowest level since April 2008 last week, the Labor Department said Thursday, yet another sign that the jobs market is in recovery.

The data was better than most economists expected, with claims hitting 364,000 last week versus the consensus estimate of 380,000.

HSBC said Wednesday it had sold its private banking business in Japan to Credit Suisse for $2.7 billion, as part of its broader restructuring to reduce costs and focus on growth.

The sale is the latest in a string of transactions since HSBC announced massive cost-cutting measures earlier this year, including plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally.

Asian markets enjoyed some Christmas cheer Wednesday as strong U.S. housing data and a successful bond issue by Spain added to upbeat business and consumer sentiment in Germany.

Dealers appeared to have overcome their nervousness seen earlier this week following news that North Korean leader Kim Jong-Il had died, leaving the nuclear-armed rogue nation in a state of uncertainty.

European stocks and the euro rose further on Wednesday after the ECB moved to boost lending and Spanish borrowing costs dropped, easing tensions over the Eurozone debt crisis, traders said.

The European Central Bank said it had injected a record 489.19 billion euros ($641 billion) into Eurozone banks via its first-ever three-year refinancing operation.