US crude futures gained almost one per cent overnight after flooding throughout the midwest constrained crude flow from the main US storage hub in Cushing, Oklahoma.
Gold overnight slipped from the previous session's one-week peak, pulled down by a firm US dollar as the currency was the preferred safe-haven amid uncertainty over US-China trade tensions.
Oil prices rose more than one per cent overnight, supported by Middle East tensions and OPEC-led supply cuts as well as continued crude disruptions from Russia after a contamination problem discovered last month.
Gold hit a more than one-week peak overnight as trade tensions between the United States and China lifted appetite for assets seen as a haven from risk, while weak US economic data boosted hopes for a rate cut from the Federal Reserve.
The Australian share market has closed flat, with gains for tech stocks and the major mining companies slightly outweighed by a decline in telecom and consumer staples shares.
Gold steadied on Friday after rising more than one per cent in the previous session en route to a weekly gain, propped up by a weaker US dollar and expectations for a US interest rate cut, offsetting pressure from a rebound in equities.
Oil prices climbed more than one per cent on Friday ahead of long US and UK holiday weekends but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.
Oil prices plunged overnight, losing about fiver per cent as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.
Gold prices jumped one per cent overnight as the US dollar pulled back from a two-year peak scaled earlier in the session and global equities and US Treasury yields slid on escalating US-China trade tensions.
The Australian share market has recouped early losses to finish higher for a fifth day, setting a fresh 11 1/2 year high following a strong performance by banks and property shares.
The Australian share market has risen on the last trading day before the federal election despite the heavyweight financial sector dropping out of the broad rally.
