Crude oil prices had a volatile Asian Friday but held on to the previous session’s gains.
Chinese industrial production surged ahead of expectations.
Gold prices were a little higher as investors eyed strained US-China tentions.
Crude oil prices slipped then rose again on Friday in Asia, but retained most of the gains made in the previous session even if the market is poised more broadly between Covid’s demand destruction and hopes that production cuts will see prices rise.
The market is still seeing some tailwind from this week’s International Energy Agency prediction that elevated crude stockpiles would start to fall as the year goes on.
News that China’s industrial output came back very strongly last month may have supported the market, although the prospect of ‘second wave’ infections among reopening economies is clearly keeping a lid on any exuberance.
Meanwhile gold prices were a little higher, holding on to the gains made in the previous session. #NegativeOilPrice##Goldboom#
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