Oil rises, heads for weekly gain
Oil prices rose on Friday, on track for the eighth straight weekly gain, as the US dollar steadied against most major currencies.
The US Energy Information Administration reported yesterday that the crude inventories rose 6.1 million barrels to 427 million barrels last week, while analysts forecast a rise by 0.5 million barrels.
The dollar index held against a basket of major currencies at 93.9 points as of 17:19 GMT, after hitting a high of 94.07 points and a low of 93.8 points.
Goldman Sachs projected that oil prices will remain high during the coming years, as the growth of global demand will continue, and will likely head to record levels in 2022 and 2023.
As of 17:13 GMT, WTI crude November futures rose 1% to $82.09 a barrel.
Brent December futures rose 0.8% to $84.6 a barrel.
Gold falls below $1,800 as dollar stabilizes
Gold prices fell on Friday, as the US dollar steadied against most major currencies, after the release of positive economic data, which pushed the metal below the $1800 barrier.
Data showed today that the US retail sales rose 0.7% in September, while analysts forecast a drop by 0.2%, and the core retail sales reading rose 0.8%, beating forecasts of 0.5%.
The Federal Reserve meeting minutes showed that the central bank's members discussed a plan to reduce asset purchases by $15 billion per month.
The dollar index held against a basket of major currencies at 93.9 points as of 19:55 GMT, after hitting a high of 94.07 points and a low of 93.8 points.
Gold spot prices rose 1.6% to $1,768.4 an ounce as of 19:55 GMT.
Dollar steadies after positive economic data
The US dollar held steadily against most of its rivals on Friday, after the release of better-than-expected economic data.
Data showed today that the US retail sales rose 0.7% in September, while analysts forecast a drop by 0.2%, and the core retail sales reading rose 0.8%, beating forecasts of 0.5%.
The season of the US companies quarterly earnings results continues, as some major banks reported higher profits and revenues than expected in the third quarter, which points out the ongoing economic recovery from the pandemic.
The Federal Reserve meeting minutes showed that the central bank's members discussed a plan to reduce asset purchases by $15 billion per month.
The dollar index held against a basket of major currencies at 93.9 points as of 18:46 GMT, after hitting a high of 94.07 points and a low of 93.8 points.
Dow Jones rises above 35,000 in early trading
US stock indices opened higher on Friday, extending gains, as Dow Jones resumed its climb above 35,000 points.
Data showed today that the US retail sales rose 0.7% in September, while analysts forecast a drop by 0.2%, and the core retail sales reading rose 0.8%, beating forecasts of 0.5%.
The season of the US companies quarterly earnings results continues, as some major banks reported higher profits and revenues than expected in the third quarter, which points out the ongoing economic recovery from the pandemic.
As for stocks, Dow Jones rose 0.7% or 250 points to 35,162 as of 14:29 GMT, and S&P 500 rose 0.5% or 21 points to 4,459, while Nasdaq rose 0.2% or 28 points to 14,851.