NYMEX Trading: Crude Oil Post Slight Gains while Gold ends Lower

Crude oil futures slightly gained on Friday after a volatile session on Friday. Analysts attributed rising US dollar as the reason for pressure on commodities. The dollar index DXY which measures the greenback’s performance against its six major rival currencies gained to 79.607 on Friday as compared to 79.099 on Wednesday’s North American trading session.

Crude oil futures contract for January delivery gained 0.6 percent or $0.6 to $96.77 per barrel on the New York Mercantile Exchange. The respective contract declined 0.7 percent in the current week.

Among other commodities, gasoline futures contract for December delivery fell 2.7 percent or $0.07 to $2.45 per gallon. Gasoline was down 1.2 percent for the week. Heating oil for December delivery dropped 1.1 percent or $0.03 to settle at $2.93 per gallon and resulted in a decline of 3.3 percent for the week.

Natural gas futures contract for December delivery gained 2.4 percent or $0.08 to $3.54 per million British thermal units. Natural gas was up 6.6 percent for the current week.

Gold futures also took up some pressure in reaction to rising US dollar and gold for December delivery slipped 0.6 percent or $10.20 to settle at $1,685.70 per ounce at the Comex trading of the New York Mercantile Exchange. The respective contract was down 2.3 percent for the week.

Silver futures for December delivery fell 2.7 percent or $0.87 to $31.01 per ounce with decline of 4.3 percent for the week. Copper for the same month delivery fell 0.3 percent or $0.01 to $3.27 per pound resulting in weekly losses of 3.8 percent.

Platinum futures contract for January delivery declined 1.6 percent or $25.50 to $1.533.10 per ounce while for the week the respective contract fell 3.5 percent. Palladium for December delivery plunged 3.4 percent or $19.75 on Friday to $570.10 per ounce while its fell 5.8 percent for the week.

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