Oil was up Monday morning in Asia, continuing an upward trend as the week begins. U.S. crude hit a seven-year high, indicating a global supply that remains tight amid strong fuel demand as the economic recovery from COVID-19 continues.
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Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products.
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Gold was down on Wednesday morning in Asia as the dollar strengthened and U.S. Treasury yields rose. The focus will also be on the latest U.S. jobs report, due later in the week.
Oil was down Wednesday morning in Asia as investors digested a surprise build in U.S. crude oil supplies.
Brent oil futures slid 1.47% to $77.20 by 12:31 AM ET (4:31 AM GMT) and WTI futures fell 1.53% to $74.14.
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Dollar, Yen Down as China Evergrande Fears Slowly Recede
The dollar was down on Monday morning in Asia, while the yen, a fellow safe-haven asset, sank to its lowest level in nearly three months.
Australia must match developed nations and commit to cutting carbon emissions to net zero by 2050, or face higher borrowing costs, its treasurer said on Friday, as pressure builds on the government to firm up climate policies ahead of a key summit.
U.S. solar industry group warned on Wednesday that tariffs on imported panels from three Asian countries would jeopardize nearly 30% of the solar capacity the nation is expected to install over the next two years.
Oil prices fell on Friday as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, but both benchmark contracts are on track to post weekly gains of around 4% as the recovery in output is seen lagging demand
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Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.
The U.S. dollar settled below a 2-1/2-week high hit in the previous session, as investors braced for inflation data that might offer clues on the timing of policy tightening by the Federal Reserve at a meeting next week.