Oil prices rose on news Venezuela has contacted other OPEC members to hold an emergency meeting and that Shell shut down two key pipelines in Nigeria. The reason for shutdown were a leak and theft.

According to The Wall Street Journal, Venezuela has contacted other OPEC members to hold an emergency meeting in coordination with Russia. Russia is not a member of OPEC.

It should be discussed how OPEC could stem a drop in oil prices.

Most OPEC members can't balance their budgets with oil prices at current levels.

The next OPEC meeting is scheduled to be on December 4.

Market participants are awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 2 rigs to 674 last week. It was the fifth consecutive increase.

WTI crude oil for October delivery increased to $44.69 a barrel on the New York Mercantile Exchange.

Brent crude oil for October rose to $50.02 a barrel on ICE Futures Europe.

Gold price rose as U.S. stock market traded lower.

Gains were limited as the U.S. economic recovery seems to continue. Personal spending rose 0.3% in July, missing expectations for a 0.4% gain, after a 0.3% increase in June. June's figure was revised up from a 0.2% increase.

Consumer spending makes more than two-thirds of U.S. economic activity.

Personal spending was driven by higher demand for automobiles. Spending on auto mobiles jumped 1.1% in July.

The saving rate rose to 4.9% in July from 4.7% in June.

Personal income increased 0.4% in July, in line with expectations, after a 0.4% gain in June.

Wages and salaries climbed 0.5% in July, the largest increase since November 2014.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in July, in line with forecasts, after a 0.1% gain in June.

On a yearly basis, the PCE price index excluding food and index increased 1.2% in July, the smallest rise since March 2011, after a 1.3% gain in June.

The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.

September futures for gold on the COMEX today increased to 1134.50 dollars per ounce.

The People's Bank of China (PBoC) injected 60 billion yuan (about €8.3 billion) into the financial system via a short-term liquidity operation on Friday. The central bank wants to support the country's economy and to calm down the markets.

It was the second loan this week. The PBoC has injected 140 billion yuan (about €19 billion) on Wednesday.

According to The Wall Street Journal, Venezuela has contacted other OPEC members to hold an emergency meeting in coordination with Russia. Russia is not a member of OPEC.

It should be discussed how OPEC could stem a drop in oil prices.

Most OPEC members can't balance their budgets with oil prices at current levels.

The next OPEC meeting is scheduled to be on December 4.

West Texas Intermediate futures for October delivery advanced to $42.85 (+0.68%), while Brent crude climbed to $47.71 (+0.32%) amid signs of stabilization in equity markets. U.S. crude is about to post its first weekly gain in 11 weeks.

Strong GDP data from the U.S., the world's biggest consumer of oil, supported prices. The U.S. Commerce Department reported on Thursday that revised U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Both consumer spending and business investment were revised up.

Daniel Ang, analyst at Phillip Futures, said that prices improved after bears had covered their short positions and bulls had taken on long positions.

Oil prices got an additional support after an article in the Wall Street Journal said that Venezuela requested a meeting with other OPEC members and Russia. A change to the cartel's policy could help solve the global glut issue.

Gold climbed to $1,130.10 (+0.67%) in Asian trade. Nevertheless it is on track to report declines this week. Investors are waiting for more data on the U.S. economy in order to assess prospects of a rate increase by the Federal Reserve. Yesterday the country's Commerce Department reported better-than-expected data: revised U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Consumer spending and business investment were revised up.

Fed Chair Janet Yellen will not attend the Economic Symposium in Jackson Hole this weekend. However investors will look for comments on interest rates from Fed vice president Stanley Fischer.

Despite a looming rate hike in the U.S., holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, stood at 21.95 million ounces on Thursday (the highest level in five weeks).

(raw materials / closing price /% change)

Oil 42.78 +0.52%

Gold 1,125.00 +0.21%