Date: Monday 21 Jun 2010
Crude oil prices rose above $77 a barrel on Friday as US stocks closed modestly higher, buoyed by strong demand for a bond auction in Spain.Crude oil for July delivery rose 39 cents to settle at $77.18 a barrel in New York after a volatile session. Over the week crude closed with a gain of 4.5%. The July futures contract is set to expire this week.
Traders also mulled a report by the American Petroleum Institute, which said gasoline deliveries, a way of measuring demand, fell 0.4% in May, the weakest level since May since 2003. Earlier in the week a government report showed crude stockpiles increased by 1.7m barrels in the week ended 11 June, despite analyst expectations of a decrease of around 1.75m barrels.
Among precious metals safe haven demand took gold prices to a record closing high on Friday.
Comex gold for August delivery settled up $9.60 at $1258.30 an ounce, after touching a high of $1263.70.Weaker than expected US economic data on Thursday revived nerves about a double dip recession and economic problems in Europe. Silver for July delivery rose 41 cents to $19.18 an ounce.
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