The world’s leading oil giant, Saudi Aramco, has predicted that energy demand will return to pre-COVID-19 levels later in 2021.
Silver futures gained as much as 8% shortly after the futures market opened on Monday, marking the biggest rise in the futures since at least 2013.
Some OPEC members continue to argue that increasing production in the face of weak demand could cause prices to drop.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
Spot gold dropped by 0.3% to $1,839.37 an ounce after ending 0.4% lower on Wednesday.
Oil prices rallied after industry data showed U.S. crude inventories dropped unexpectedly last week amid fears that the COVID-19 infection,
Gold traders are of the bias that the precious market is heading from neutral to bearish...
Brent crude was down by 0.24% to trade at $55.12 barrel, and WTI futures inched down by 0.10% to $52.22 a barrel.
West Texas Intermediate, lost 1.6%, at $52.27 per barrel. It was WTI's worst daily plunge slide since last Friday when it fell 2.2%.
Spot gold was down by 0.4% to trade at $1,862 per ounce after hitting its highest since Jan. 8 at $1,874.50 earlier in the session.