US crude oil futures ended more than one per cent higher on Friday, on late short-covering ahead of the weekend and positive German business sentiment data lifting prices, as the dollar index seesawed ahead of a G20 finance ministers’ decision on currencies.
Widespread expectations that the US Federal Reserve will launch a new round of monetary easing measures as early as next month to help boost the pace of recovery, continued to stoke bullish sentiment. Markets were eyeing a Group of 20 finance ministers meeting in South Korea.
On the New York Mercantile Exchange, crude for December delivery settled at $81.69 a barrel, up $1.13, or 1.4 per cent.
It traded from $80.41 to $81.78, an “inside” day, in which the day’s high and low are within the previous day’s range. It followed a 2 per cent price slump on Thursday. Total volume for all crude futures was around 332,000 lots, with still more than an hour until the last post-settlement trade, the lowest since June 28, when the volume was 375,005. ICE December Brent crude settled higher, and ended the week up 51 cents, or 1.9 per cent. Brent’s premium against US WTI ended at $1.27, the same level on Thursday. For the week, the premium fell 10 cents. Gold steadied on Friday after its first weekly decline in nearly three months, with bullion investors keeping an eye on any statements from the G20 meeting. f
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