Oil prices rose Thursday for a fifth day, as the U.S. economy growth data turn out to be better than earlier estimates.

The U.S. economy grew at an annual rate of 0.4 percent in the fourth quarter of 2012, up from the previous estimate of 0.1 percent in growth, the Commerce Department said.

The revision mainly reflected stronger business investment and export sales which were partly offset by weaker personal consumption expenditures. The Commerce Department noted "revision to GDP has not changed the general picture of the economy."

The real gross domestic product of the United States increased 2.2 percent last year, according to the report. Economists are generally forecasting a stronger growth for the first quarter of 2013, which ends this week.

The oil prices were also largely helped by the big rally in U.S. equity market prices, an indicator of a healthy economy and improving market optimism. U.S. stock market set a record Thursday, with the Standard & Poor's 500-stock Index hitting 1, 569.19, surpassing its previous all-time closing high of 1,565.15 set on Oct. 9, 2007.

Light, sweet crude for May delivery gained 0.65 dollars, or 0. 67 percent, to settle at 97.23 dollars a barrel on the New York Mercantile Exchange.

Brent crude for May delivery was up 33 cents, or 0.3 percent, to close at 110.02 dollars a barrel. Endi

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