Oil prices rose nearly 2.0 per cent overnight after a larger-than-expected decline in US crude stockpiles helped ease worries about weakening oil demand caused by the US-Chinese trade conflict.
Gold eased overnight as the US dollar strengthened and as investors locked in profit following a more than 1.0 per cent jump in the last session but uncertainty over the US-China trade dispute and the global economy kept safe-haven bullion near a multi-year peak.
The Australian share market has climbed modestly for a second day, buoyed by the tech sector, while the Aussie dollar has hit a 10-year low against its US counterpart.
Oil prices rose in volatile trade overnight supported by expectations of a drawdown in US crude inventories, though gains were capped by worries about a recession and uncertainty over a China-US trade deal.
Gold rose more than 1.0 per cent overnight as fears of a possible recession gripped investors following disappointing US economic data and the ongoing US-China trade dispute while silver breached $US18 for the first time in nearly two years.
Oil prices fell 1.0 per cent overnight on the outlook for increased supply of Iranian crude after France's president lifted hopes for a deal between the US and Iranian governments but losses were limited by optimism surrounding a US-China trade deal.
Gold surged to a more than six-year peak overnight, surpassing $US1,550 in early trade as investors sought safety from a host of uncertainties including heightened US-China trade tensions and a fragile global economy.
The Australian share market has fallen sharply again as traders worry US-China trade tensions could worsen further, but gold miners were broadly up as the gold price surged again.
Oil prices fell on Friday after the Chinese government unveiled retaliatory tariffs against about $US75 billion worth of US goods including crude oil, another escalation of a protracted trade dispute between the world's two largest economies.
Gold surged 2.0 per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and US President Donald Trump's latest comments exacerbated trade tensions with China.
Woodside Petroleum, Save the Children Foundation and Sandfire Resources were among those recognised for their renewable projects and community partnerships at last night’s resources sector awards for excellence.
Oil prices weakened overnight on worries about the global economy and as equity markets were on edge over the uncertain outlook for US interest rate cuts.
Gold inched lower overnight after comments from US Federal Reserve officials dampened hopes for additional monetary easing, although investors awaited further clarity from the central bank chief at the Jackson Hole symposium.
Oil futures steadied overnight after US government data showed a drawdown in domestic crude stocks but rises in refined product inventories, while lingering worries about the global economy weighed on the market.
Gold edged lower overnight as equities gained and investors awaited minutes from the US Federal Reserve's July meeting for clues on future interest rate cuts.
The Australian share market has given up most of its gains from Tuesday, as markets around the world turned skittish ahead of a key meeting of central bankers.
Oil prices steadied overnight on optimism US-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown after falling earlier on concerns over future demand.
Gold rose overnight to firm above $US1,500, recovering from a more than 1.0 per cent slide in the previous session as US yields fell on increasing expectations for looser monetary policy to address fears of a global downturn.
