Crude prices rose Friday as U.S. consumer sentiment for November rose to a five-year high and President Barack Obama delivered a speech, promising to start post- election bipartisan fiscal cliff talks.

Crude prices rose after the Thomson Reuters/University of Michigan consumer sentiment index showed that with the election over and despite the approach of the fiscal cliff, the U.S. consumers feel confident in the state of U.S. economy. The consumer sentiment reading for November rose 2.3 points to 84.9, the highest level in more than five years.

Oil got more rising dynamic after President Obama said he invited congressional leaders of both parties to the White House next week to start negotiations on backing away from the so-called "fiscal cliff" that would take effect on Jan. 1 if no deal was reached.

Meanwhile, data from China, the world's second largest oil consumer, offered further support.

According to a government report Friday, the year-on-year growth in China's factory output accelerated to 9.6 percent in October from the previous month's 9.2 percent. Another report showed retail sales rose 14.5 percent, up from September's 14.2 percent.

But downside risks such as European debt crisis remained. Also, the world oil demand growth weakened as the Organization of Petroleum Exporting Countries (OPEC) cut its 2013 demand growth outlook by 10,000 barrels per day from last prediction, saying the expected growth has a downside risk, especially in the first half of next year.

Light, sweet crude for December delivery gained 98 cents, or 1. 15 percent, to settle at 86.07 dollars a barrel on the New York Mercantile Exchange. It rose 1.21 dollars, or 1.40 percent, after three straight weekly declines.

Brent crude for December delivery climbed sharply by 2.15 dollars, or 2 percent, to finish at 109.40 dollars a barrel. For the week, it rose 3.72 dollars, or 3.52 percent.