COMMODITIES UPDATE: Oil Up 0.4% On Positive China News; Gold Continues Slide, Post U.S. Govt Agreements

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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 bureau said.

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 trading session.

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 close.

United States Natural Gas ( UNG ) 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 standoff.

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 Exchange.

In exchange traded fund activity, SPDR Gold Shares ( GLD ) are down 60 cents or 0.5% today to $126.82, while iShares Silver Trust ( SLV ) shares are up 6 cents or 0.2% to $21.11.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: GLD , SLV , UNG

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