LONDON (SHARECAST) - The American economy’s return to growth in the third quarter sent oil prices up over 3% on Thursday, topping $80 a barrel for a short time.
Crude for delivery in December closed the day up $2.41 at $79.87 a barrel, although it hit $80.46 earlier on, its highest level in almost a week.
Traders hope that a sustainable recovery will reignite demand for the black stuff. They’re now keeping fingers crossed for growth in Q4 and beyond.
Gold put an end to a five-day losing streak as commodities rallied on news the US economy grew for the first time in a year last quarter.
The December futures contract ended $16.60 higher in New York at $1,047.10 an ounce, helped by the GDP data, rising oil prices and a drop in the value of the dollar.
There were also gains for silver, copper, palladium and platinum.
