Commodities: US consumer spending boosts oil demand
Buoyant US consumer spending revived hopes that the US economy will stave off a slowdown and thus boosted demand for crude oil. Crude for February delivery rose above the$93 a barrel level in New York on Friday.
US nominal consumer spending rose 1.1% versus expectations of a sub-1% increase. The November gain was the biggest in 30 months.
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On the metals markets, gold futures moved higher in line with the rise in the price of oil. Gold for February delivery closed off its intra-day high at $815.40, registering a rise of more than $12 on the day. Traders were banking on a continued downward trend for the US dollar which would serve to make crude oil cheaper.
Elsewhere silver, palladium and platinum all improved, while copper rallied following a strong showing Thursday night in Shanghai.
