Oil prices sank below recent 2019 highs as US government data overnight showed a sharp build in crude stocks and record production, while concerns about slowing global economic growth weighed on the market.
Gold slipped from a 10-month peak overnight, pressured by signals the US Federal Reserve will not adopt as dovish a stance on monetary policy as previously thought and as investors booked profits, while palladium retreated from a record high.
Palladium jumped above the $US1,500 per ounce mark for the first time overnight, propelled by a stark supply deficit, while gold hit a 10-month high on a weaker US dollar as investors awaited cues on US monetary policy.
Crude prices rose more than 1 per cent overnight to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as US sanctions on OPEC members Iran and Venezuela.
Kalium Lakes is a step closer to starting construction on its Beyondie potash project near Newman after receiving $74 million in funding, making it the latest in a string of mining companies to win financial backing from the Northern Australia Infrastructure Facility.
More than a third of visitors to Western Australia who used Airbnb said they would never have had a holiday if it wasn't for the online home-share platform, the company asserted today, as it fought back against criticism by Tourism Council WA and the Australian Hotels Association.
Oil prices were mixed overnight as concerns about global crude oil demand and uncertainty over the latest round of US-China trade talks countered investor optimism around tightening supplies.
Palladium scaled a record peak to within striking distance of the $US1,500 level overnight fuelled by a sharp supply deficit, while gold climbed 1 per cent to hit a 10-month high on a weaker US dollar and global growth jitters.
Oil rose for a fifth day overnight, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy tempered gains.
Palladium surged to a record high overnight as a sustained supply deficit boosted the autocatalyst metal, while gold rose to its strongest since April on a lower dollar.
Gold jumped to a two-week high on Friday after weak US economic data boosted expectations the US Federal Reserve would hold pat on monetary tightening, while palladium matched an all-time high on a prolonged deficit.
Oil prices rose more than 2 per cent on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing US-China trade talks strengthened demand sentiment.
Oil prices edged higher overnight and Brent hit the highest level this year, but gains were capped after the steepest decline in US retail spending since 2009 heightened investor fears of a global economic slowdown.
Gold prices rose overnight as the US dollar fell on weak economic data from the United States, which bolstered expectations the Federal Reserve would stick to its dovish stance on monetary policy.
The S&P 500 and the Dow have slipped while the Nasdaq has posted a slim gain as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve the ongoing US-China trade dispute.
