U.S. crude oil futures rose on Friday, boosted by expectations that accelerating economic growth would support demand, while Brent oil futures ended flat, narrowing the gap between the two contracts to the smallest in nearly a year. Crude oil futures - weekly outlook: Sept 29 - Oct 3 Crude futures gain on Friday while Brent remains under pressure Crude oil for delivery in November was up 0.96% to settle at $93.39 a barrel on the New York Mercantile Exchange late Friday. For the week, New York-traded oil futures were up 2%. U.S. crude stockpiles unexpectedly fell by 4.27 million barrels last week as imports slowed, the U.S. Energy Information Administration said on Wednesday. Crude imports fell by 1.24 million barrels a day to 6.87 million, the lowest since May, as the domestic shale boom continued to eat into demand. Crude received an additional boost after the Commerce Department reported Friday that U.S. gross domestic product was revised up to 4.6% in the three months to June from a previous estimate of 4.2%. It was the fastest rate of expansion since the fourth quarter of 2011.
GOLD
Gold futures ended close to their lowest levels of the year on Friday, as the U.S. Dollar notched up its eleventh consecutive week of gains, hitting investor demand for the precious metal. The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies ended Friday’s session up 0.51% to a four year high of 85.77. A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. The dollar was boosted after the Commerce Department reported that U.S. gross domestic product was revised up to 4.6% in the three months to June from a previous estimate of 4.2%. It was the fastest rate of expansion since the fourth quarter of 2011. The upbeat data added to the view that the strengthening economic recovery may prompt the Federal Reserve to raise interest rates sooner than markets are expecting.
