Futures on the S&P 500 edged lower in sparse volume on Friday in a light day on the economic calendar but were still on track to close their ninth straight week of gains, the longest such run since January 2004.

Futures have traded in a tight range in the past two weeks, mostly holding on to gains of nearly 10 percent since the beginning of the year.

This has been a straight up move in prices, and it is unusual for that to continue, said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

In order to avoid (a pullback) we need a continued flow of good news, and there aren't many earnings forecasts coming in right now, which could be the next push, Meckler said. People will focus on possible negatives and right now the biggest out there is oil prices.

U.S. crude oil futures hovered near $108 a barrel a day after hitting a 10-month high above $110 on supply concerns in the Middle East.

Aides to U.S. President Barack Obama and Israeli Prime Minister Benjamin Netanyahu are scrambling to bridge differences over what Washington fears could be an Israeli attack on Iran's nuclear sites, a concern at the heart of the recent spike in oil prices. Both leaders will meet on Monday.

New York's Institute for Supply Management February index of regional business activity is due at 9:45 a.m.

S&P 500 futures fell 6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dipped 35 points and Nasdaq 100 futures lost 8.25 points.

Yelp Inc's initial public offering of class A common stock priced at $15 a share, above the expected price range, valuing the U.S. consumer review website at nearly $900 million.

Close-out retailer Big Lots Inc posted a higher quarterly profit, helped by strong demand for its discounted products.

(Reporting by Rodrigo Campos; Editing by Padraic Cassidy)