Oil prices climbed more than 2 per cent on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption.
Gold fell on Friday as gains in US equities trimmed flows into bullion, which was still on track for a fifth straight weekly gain after soaring to its highest level in nearly nine years last week on surging COVID-19 infections.
Shares on the ASX have slipped early after Wall Street investors worried about the impact of renewed lockdowns in some US states due to surging coronavirus cases.
Oil prices fell about $US1 a barrel overnight as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption.
Gold prices retreated overnight, a day after vaulting to nearly nine-year highs, as investors embraced the safe-haven greenback in the face of record US coronavirus cases.
The Australian share market has finished higher, propelled by solid gains by Afterpay as well as gold prices hitting their highest levels in nearly nine years.
Oil prices settled higher overnight as US gasoline consumption showed signs of a recovery, but price gains were limited by rising crude inventories and an increase in coronavirus infections.
Gold soared past the technical $US1,800 threshold overnight, scaling its highest since September 2011, as investors bolted for safety from the novel coronavirus and central banks poured in powerful stimulus to cushion its economic fallout.
The Australian share market has suffered its worst drop in nearly two weeks amid worries about rising virus cases in Victoria and overseas and following a drop in US markets.
Oil prices settled little changed overnight as demand concerns due to a new surge in coronavirus cases overshadowed US government forecasts for lower production.
Gold bounced back overnight, within a striking distance of the key $US1,800 per ounce level, as a sharp jump in COVID-19 cases boosted hopes for more accommodative monetary policy measures and demand for the safe-haven metal.
The Australian share market has closed flat despite strong overseas leads as traders ponder the impact of a sharp rise in new coronavirus cases in the country's second-most populous state.
The Reserve Bank of Australia has kept the cash rate at a record low 0.25 per cent at its monthly board meeting as it assesses the extent of recovery after the coronavirus-driven economic downturn.
Shares have gained about 1.0 per cent early in trade on the Australian market after solid gains on Wall Street overnight following a rebound in US services industry activity.
Oil futures ended largely steady overnight as positive economic data supported prices, while a spike in coronavirus cases in the United States that could curb fuel demand pressured prices.
Gold overnight edged towards a near 8-year high hit last week as a spike in coronavirus cases kept safety demand elevated, although robust equities and positive US services sector data limited the metal's advance.
Hopes of a sellout 60,000 crowd for the July 19 western derby is under threat after the state government announced it is considering delaying the relaxation in COVID-19 restrictions.
The Australian share market has snapped its four-day winning streak, bypassed by broader gains in the Asia-Pacific region including a big rally in China.
Australia's recycling industry is on the brink of an overhaul as the federal government hopes to create more than 10,000 jobs through a $190 million fund.
Cinema and hotel operator Event says a majority of its cinemas in Australia and New Zealand have now reopened after being closed since March due to COVID-19 restrictions.
Shares have edged lower early on the Australian market after global markets closed weaker last week on concerns about continuing growth in COVID-19 cases in the US.
Oil fell below $US43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery.
