NEW YORK (MarketWatch) — Crude-oil futures traded mildly lower Friday, even as they stayed on track for monthly gains, as energy investors remained cautious ahead of the Federal Reserve’s meeting next week.
Crude for December (CLZ10 81.50, -0.68, -0.83%) delivery moved down 10 cents to stand at $82.08 a barrel on the New York Mercantile Exchange.
Crude and other commodities stayed lower after the Commerce Department said U.S. gross domestic product rose at a 2.0% rate for the third quarter, up from 1.7% in the second quarter. See more on government’s initial estimate of U.S. economic growth for the three months through September.
In foreign-exchange trading, the dollar index (DXY 77.38, +0.07, +0.09%) , which measures the U.S. unit against a basket of six major currencies, was unchanged on the day. See more on currency investors’ reactions to U.S. GDP.
Holding a policy meeting Nov. 2-3, the Fed is widely expected to delivery another round of so-called quantitative easing — measures to support the economy, which should pressure the dollar and lift commodities.
However, traders say optimistic expectations about the degree of quantitative easing have already priced into the market to a large extent.
