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.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
The U.S dollar index is on track for a 0.5% weekly gain following record-buying at the start of the week
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,
The Nasdaq index had earlier hit a record high on hopes of impressive earnings later this week.
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%.