Oil closed the week above last Friday's lows, buoyed by renewed US–China trade talks despite rising gasoline inventories and Middle East tensions. OPEC+ production plans and Saudi price cuts for Asia continue to limit upside.
Gold prices rose slightly this week as weak U.S. labor data fueled hopes of a Federal Reserve interest rate cut. Meanwhile, silver hit a 13-year high driven by strong industrial demand and tight supply.
Asian markets wavered Friday after a sharp selloff in Tesla shares, triggered by a feud between Donald Trump and Elon Musk, rattled global sentiment. While most Asian indexes declined, Japan's Nikkei bucked the trend with modest gains driven by strong local earnings.
The announcement came in response to Trump's post on Truth Social, where he said he was considering ending all U.S. government contracts with Musk's private space firm.
Oil prices remained stable following a previous dip, as U.S. gasoline and diesel inventories rose more than expected. Saudi Arabia's price cuts for Asian buyers and Canadian wildfire-related supply issues continue to influence market sentiment.