Oil futures fell on Friday, as the number of COVID-19 cases continued to rise in the US and around the world, adding to uncertainty over the strength of demand for oil over the next year.
The market took OPEC’s 2 million barrels a day cut in its production cap in its stride to 7.7 million barrels starting from August 1.
In New York, West Texas Intermediate (WTI) crude for August fell by 16 cents, or 0.4% to settle at $US40.59 a barrel.
In Europe, September Brent crude dipped by 23 cents or 0.5% at $US43.14 a barrel.
For the week, WTI crude rose 0.1%, or 4 cents a barrel, while Brent eased 0.2% or 0.10%.
On Wednesday US crude supplies fell by 7.5 million barrels for the week ended July 10, helping support prices for that session to their highest settlements in more than four months.
Baker Hughes on Friday reported that the number of active US rigs drilling for oil edged down by 1 to 180 this week. That 18th weekly fall in a row and a new all-time low.
Baker Hughes releases its June quarter figures this week, as will its biggest rivals, Halliburton and Schlumberger.
Gold futures rose on Friday notching up a sixth weekly gain in a row, thanks to a cocktail of rising expectations for additional stimulus in Europe and the US, as well as uncertainty over the global economic outlook as the COVID-19 cases continue to rise.
Both gold and silver rose for the sixth straight week, settling around $US1,800 an ounce for gold and around $19 an ounce or silver.
Comex gold for August delivery rose $US9.70, or 0.5%, to settle at $US1,810 an ounce, while Comex September silver added 19 cents, or 1%, at $US19.764 an ounce.
That saw gold up 0.5% for the week and was up 19% year to date.
Comex silver ended more than 3.7% higher for the week.
Among other metals, Comex September copper rose 0.1% to $US2.9045 a pound and ended the week about 0.2% higher.
Meanwhile, iron ore prices ended last week up $US4 a tonne or just under 4%.
The price for 62% Fe fines delivered to northern China ended at $110.31 on Friday against $US106.32 the previous Friday.
The $US4 a tonne rise came more than entirely on Monday when prices jumped by $US4.77 a tonne.
Chinese iron ore imports and crude steel production remained at or near record highs in June, according to data released last week.
