LONDON (SHARECAST) - US crude oil futures rose to a one year high on Friday, rising above $78 a barrel, after a report showed US industrial production rose to a four year high in September.
Industrial production increased 5.2% year on year in the third quarter marking the first quarterly increase since the start of the recession, according to the Federal Reserve.
The data increased confidence for an economic recovery and sent crude oil for November delivery up 95 cents to settle at $78.53 a barrel on the New York Mercantile Exchange.
The contract rose to the highest settlement since August last year despite a negative performance on Wall Street after disappointing results from Bank of America and General Electric.
US government data out Thursday also fuelled demand. The report showed a surprise drop in gasoline and distillate supplies as refineries reduced production.
Among precious metals gold settled slightly higher on Friday with demand fuelled by inflationary concerns and as the US dollar remained not far off 14 months lows.
Gold for December rose 90 cents to settle at $1,050.70 an ounce on the Comex division of the New York Mercantile Exchange. A larger than expected decline in a US consumer confidence report rattled US equities and also increased appetite for the yellow metal.
December silver rose 1 cent to $17.42 an ounce while copper for December fell 1 cent to $2.8455 a pound. January platinum declined $7 to $1,348.50 an ounce.
