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


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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: GLD , SLV , UNG

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos



Most Active by Volume

  • $17.975 ▼ 0.85%
  • $18.98 ▼ 4.62%
  • $95.1101 ▼ 0.10%
  • $121.37 ▼ 0.82%
  • $23.755 ▼ 7.32%
    $5.19 unch
  • $14.81 ▼ 1.92%
  • $7.04 ▼ 0.14%
As of 7/31/2015, 01:36 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by