Oil prices ended as much as one per cent higher overnight after a global stock market rally pulled Brent crude from a four-month low touched earlier in the session.
Gold climbed more than 1.5 per cent overnight to its highest level in more than three months on concerns that US-Chinese trade tensions and the US threat of tariffs on Mexico would hurt the global economy.
Oil fell overnight as US trade disputes with Mexico and China deepened concerns about weakening global crude demand, while a slump in equities also weighed on crude futures.
Oil prices fell almost four per cent overnight to their lowest in about two months on a smaller-than-expected decline in US crude inventories and fears of a global economic slowdown due to the US-China trade conflict.
Gold shook off headwinds from a stronger US dollar to scale a near two-week peak overnight as data pointed to easing inflationary pressure in the United States, boosting expectations of a further interest rate cut by the Federal Reserve.
Oil prices have fallen in volatile trade overnight and were weighed down by equity markets as China signalled readiness to escalate the trade war with the United States, stoking concerns that an ongoing stand-off could hurt demand.
Gold prices rose alongside other safe-haven assets overnight as the trade rift between the United States and China showed no sign of cooling, with investors fearing a global economic slowdown.
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.
