Date: Monday 12 Jul 2010
Crude oil futures rose above $76 a barrel on Friday, hooking onto Wall Street's gain and as momentum continued after a larger than expected draw on weekly stockpiles.Government figures out Wednesday showed US crude inventories dropped by 5m barrels last week, indicating recent strong demand.
Crude oil for August delivery rose 65 cents to settle at $76.09 a barrel. Over the week crude oil prices have risen 5% after the previous week’s 8.5% slump.
Prices on Friday gained for the third consecutive session, and with little else to look at, traders bought oil as sentiment picked up across the markets.
In an otherwise quiet day for economic news sales of wholesale goods dropped unexpectedly for the first time in more than a year, figures from the Commerce Department showed. Wholesale inventories rose 0.5% to a seasonally adjusted $398.8bn.
Gold moved back up above £1,200 on Friday, ending the week with a 0.2% gain as traders jumped aboard following the precious metal’s recent dip. Gold for August delivery added $13.70 to settle at $1,209.80 an ounce after falling below £1,200 earlier in the week.
Underlying caution in the market fuelled interest in the yellow metal’s safe haven qualities.Silver for September delivery advanced 20 cents to $18.07 an ounce while September copper rose 4 cents to $3.05 a pound.
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