Drops in the price of oil are at the forefront of commodity market action on Friday morning, following a reported narrowing of the U.S. trade deficit. The U.S. monthly trade deficit was reported to have narrowed in line with expectations in August, shrinking 3.5% to $59.1 billion, just ahead of the consensus expectation of $59.0 billion. However, the ex-petroleum deficit widened to $23.530 billion from July's $18.355 billion. "Declines in both the average price (-3.8%) and quantity (-9.8%) of oil imports more than offset a 1% increase in non-oil imports to reduce total imports by $5.5 billion (2.4%)," wrote Nomura chief economist David Resler of the data. West Texas Intermediate crude oil is currently down $6.04 per barrel to $80.55, even on news that the Organization of the Petroleum Exporting Countries (OPEC) called for an emergency meeting on Nov. 18 to discuss cutting production. Barclays Capital's George Hopley said, barring a significant cut to production, the meeting is unlikely to have a lasting upward effect on oil prices, which have dropped from all-time highs of $148.44 on July 11. "In its current extreme mood, the market is likely to be disappointed with anything less than a commitment to remove a full 1 mb/d from output," he wrote in a research note. "Currently, prices are trading around [their] lowest in over a year, with OPEC's call having had no impact on the market so far, as demand weakness continues to grab the headlines." Meanwhile, Intercontinental Exchange (ICE) RBOB gasoline futures are down 16.13 cents per gallon to 186.60 cents. Heating oil at the ICE is down 15.16 cents per gallon to 229.90 cents. In the mining sector, Chicago Board of Trade (CBOT) gold is trading up $15.50 per ounce to $902.00 USD. In Canadian dollars, gold is up $10.67 to C$1060.94. Gold is currently the only notable commodity up in price as the financial crisis continues. Gold was below $740.00 per ounce as recently as Sept. 11.

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