Date: Monday 02 Aug 2010
Crude oil prices settled close to $79 a barrel on Friday, shrugging off earlier weakness, as investors weighed up mixed economic data.
Crude for September delivery settled 59 cents higher at $78.95 a barrel on the New York Mercantile Exchange. Futures hit a low of $76.83 in early trading after US economic growth figures disappointed.
Second quarter GDP grew at an annualised rate of 2.4% in the second quarter, less than estimates. The figures fuelled concern about global growth.
However oil prices later pushed higher, despite losses on Wall Street, after better-than-expected manufacturing and consumer sentiment.
The Reuters/University of Michigan consumer sentiment index rose to 67.8 for July from an initial reading of 66.5 and the Institute for Supply Management-Chicago said its Business gauge rose in July from the month before.
Gold for December delivery gained $12.70 to $1,183.90 an ounce on the Comex division of the New York Mercantile Exchange.
The yellow metal was buoyed by bargain hunting and safe haven buying after the sluggish GDP data. September silver advanced 39 cents to $18 an ounce.
Crude for September delivery settled 59 cents higher at $78.95 a barrel on the New York Mercantile Exchange. Futures hit a low of $76.83 in early trading after US economic growth figures disappointed.
Second quarter GDP grew at an annualised rate of 2.4% in the second quarter, less than estimates. The figures fuelled concern about global growth.
However oil prices later pushed higher, despite losses on Wall Street, after better-than-expected manufacturing and consumer sentiment.
The Reuters/University of Michigan consumer sentiment index rose to 67.8 for July from an initial reading of 66.5 and the Institute for Supply Management-Chicago said its Business gauge rose in July from the month before.
Gold for December delivery gained $12.70 to $1,183.90 an ounce on the Comex division of the New York Mercantile Exchange.
The yellow metal was buoyed by bargain hunting and safe haven buying after the sluggish GDP data. September silver advanced 39 cents to $18 an ounce.
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