Oil futures moved up on Thursday, as investors took in a largely positive reading on U.S. economic growth.

March crude oil rose 41 cents, or 0.4%, to $97.77 a barrel in electronic trading. Brent crude for March delivery gained a nickel, or less than 0.1%, to $107.90 a barrel.

“Oil prices are continuing to buck the negative market sentiment,” wrote analysts at Commerzbank Commodity Research in a note on Thursday.

“Whereas equity markets and base metals still find themselves under pressure due to the currency turmoil in the emerging economies, the Brent price yesterday actually rose” on Wednesday, the analysts said, while the U.S. crude benchmark “was able to hold its own,” finding support from the “extreme cold weather in the U.S.”

In U.S. economic news on Thursday, the Commerce Department said the U.S. economy grew at a 3.2% annual pace in the fourth quarter, in a largely upbeat report that slightly missed the 3.3% consensus estimate of economists polled by MarketWatch. In addition, the Labor Department reported weekly jobless claims were higher than expected.

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