Oil prices were little changed overnight as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the US-China trade conflict.
Gold prices rose overnight and stayed above the key $US1,500 per ounce psychological level as stock markets slipped on concerns about global economic growth and the US-China trade dispute, triggering safe haven bids.
The Australian share market has finished up slightly, with a lifting in healthcare and consumer discretionary shares outweighing losses for the mining sector.
Oil prices rose more than $US1 a barrel on Friday, supported by a drop in European inventories and OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008.
Gold prices steadied on Friday, on course for their best week in over three years, as interest rate cut-inclined central banks, escalating US-China trade tensions and negative debt yields around the globe kept prices close to $US1,500 per ounce.
Oil jumped more than two per cent overnight on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in US-China trade tensions.
Gold edged down overnight as stock markets recovered, the US dollar strengthened and traders locked in profits after bullion surged past $US1,500 to a more than six-year high in the previous session.
Oil prices tumbled nearly five per cent overnight after an unexpected build in US crude stockpiles and on fears of slowing demand but halved their losses in post-settlement trade on talk that Saudi Arabia was mulling options to halt crude's descent.
Gold soared more than two per cent overnight to breach the $US1,500 ceiling for the first time in more than six years as investors rushed to safe havens, spooked by a host of uncertainties including US-China trade and a slowing global economy.
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Oil prices fell more than one per cent overnight, with Brent crude settling near seven-month lows below $US60 a barrel as trade tensions between the US and China intensified worries about weakening global demand.
Gold prices strengthened overnight, consolidating near the highest in more than six years as an intensifying US-China trade war threatened global economic growth.
Australia's share market has been hammered for a second straight day as it emerges as one of the biggest losers from the intensifying US-China trade war.
Global oil benchmark Brent futures fell more than 3.0 per cent overnight on global growth concerns after US President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world's two biggest buyers.
Gold surged 2.0 per cent overnight to its highest level in more than six years as a worsening US-China trade conflict prompted investors to dump riskier assets for safe havens, with a weaker US dollar supplying additional fuel for bullion's run.
