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.
The attributes needed to build a good working relationship are the same in school settings as they are in business, says Wesfarmers chairman Michael Chaney.
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.
The Australian share market has suffered its biggest loss since December 10, with every sector deep in the red after signs that China is striking back against the US in their escalating trade war.
Oil prices gained about 3.0 per cent on Friday a day after recording their biggest daily drop in several years on US President Donald Trump's vow to impose more tariffs on Chinese imports.
Gold steadied on Friday in seesaw trade as the US dollar retreated on lacklustre US jobs data, putting bullion on course to notch its best week in six weeks following a surge of more than 2.0 per cent in the previous session as US-China trade relations soured further.
US President Donald Trump has sent markets around the world into turmoil with tweets threatening to raise tariffs on China - although Australia's share market emerged less scathed than others, helped by a surge in gold stocks.
Around 38,000 homes in the western suburbs and Fremantle area have been left without power for hours, after a widespread outage hit much of the area this morning.
