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Crude-oil futures rallied Friday, notching their first weekly gain in eight weeks as the International Energy Agency said collapsing crude prices would cut into supply growth from oil producers outside of the Organization of the Petroleum Exporting Countries.
Light, sweet crude futures for delivery in February CLG5, +4.82% advanced $2.44, or 5.3%, to settle at $48.69 a barrel on the New York Mercantile Exchange. On the week, oil rose 0.7%, snapping a seven-week losing streak.
March Brent crude UK:LCOG5 gained $1.90, or 4%, to $50.17 a barrel on London’s ICE Futures exchange. On the week, however, Brent lost 2.2% to notch an eight-week decline.
Gold prices moved higher Friday, as a weak reading on U.S. inflation helped the dollar regain some strength.
After a $30 surge on Thursday to its best finish since Sept. 5, gold GCG5, +1.23% for February delivery rose $12.10 to close at $1,276.90 an ounce. March silver SIH5, +3.96% rose 65 cents to settle at $17.75 an ounce in New York trading..
MALAYSIAN shares ended higher on Thursday with the Kuala Lumpur Composite Index adding 2.99 points to close at 1,745.00.
Some 1.93 billion lots, valued at RM2.3 billion were traded. Gainers numbered 497 while losers numbered 283.
March palladium PAH5, -0.70% slipped $2.10 to $779.55 an ounce, while April platinum PLJ5, +0.00% platinum dropped $5.90, or 0.5%, to $1,232.50 an ounce.
Gold for February delivery GCG5, -0.06% slipped $7.10, or 0.6%, to $1,227.40 an ounce as stock futures pointed to a rebound for Wall Street on Thursday. March silver SIH5, -0.81% fell 21 cents, or 1.2%, to $16.78 an ounce.
