Oil futures contracts headed higher on Friday, with the prospect
of continued economic growth in China leading to a rebound in
prices after a big climb in U.S. supplies nearly pushed them below
$100 a barrel a day ago. In the most recent quarter gross domestic
product expanded 7.8% from a year earlier, China's statistics
Crude for November delivery was up 35 cents, or 0.4%, at $101.02
a barrel on the New York Mercantile Exchange, about 1% lower than
the average this week.
The November contract expires at the end of Tuesday's Nymex
The American Petroleum Institute reported late Wednesday that
U.S. supplies rose a significant 6 million barrels for the week
ended Oct. 11, much more than analysts expected as the nation was
mired in a government debt deadlock.
November natural gas contracts were off about 0.2% to $3.76, per
million British thermal units, down about 2% from last Friday's
United States Natural Gas (
) shares are up 5 cents or 0.3% to $19.38.
But gold futures are down slightly after Thursday's run up. They
are on track for a weekly gain of about 4% after a tumultuous week
on Capitol Hill as the debt ceiling was raised after a
Gold for December delivery was last down $9.50, or 0.7%, to
$1,313.50 an ounce on the Comex division of the New York Mercantile
In exchange traded fund activity, SPDR Gold Shares (
) are down 60 cents or 0.5% today to $126.82, while iShares Silver
) shares are up 6 cents or 0.2% to $21.11.
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