West Texas Intermediate futures for December delivery climbed to $45.53 (+0.73%), while Brent crude rebounded to $48.31 (+0.69%) after falling on Thursday amid growing U.S. crude inventories. However oversupply keeps weighing on prices as well as a strong dollar, which makes this dollar-denominated commodity more expensive for users of other currencies. The dollar rose nearly 5% throughout October on expectations of an imminent interest rate hike.

Gold is currently at $1,108.00 (+0.34%) ahead of U.S. nonfarm payrolls report due later today. Market participants will eye these data to assess strength of the U.S. economy and the probability of a data-dependant rate hike next month. Strong job creation would raise expectations for higher rates in December and weigh on the non-interest-paying precious metal. Economists expect 180,000 new jobs in October compared to +142,000 in the previous month. HSBC economists said that average job gains of more than 150,000 a month this month and next month might be enough for most members of the Fed's federal open market committee to take the anticipated step at December meeting.

(raw materials / closing price /% change)

Oil 45.37 +0.38%

Gold 1,103.00 -0.11%