The prices of oil were stable on Friday thanks to rising demand, the continued crude production cuts by OPEC and the looming sanctions against Iran by the United States.
Futures for the global benchmark for oil prices, Brent crude, went up by 5 cents closing at $79.48 a barrel. Brent surpassed the $80 level for the very first time in almost four years on Thursday. Futures for U.S. West Texas Intermediate crude gained 6 cents and were traded at $71.55 per barrel.
The prices of gold remained unchanged early on Friday after reaching a new low for the year overnight with the dollar and U.S. bond yields holding on to the highs they have recorded. Spot gold remained the same at $1,290.12 an ounce following the previous session’s $1,285.41, its lowest since December 27. U.S. gold futures that are set to be delivered in June were traded at $1,289.50 an ounce.
Stocks in the United States were traded in the red zone on Thursday following U.S. President Trump saying that there might not be any success with the trade talks between the U.S. and China. The Dow Jones Industrial Average went down by 54.95 points to 24,713.98. The S&P 500 lost 0.1 percent and closed at 2,720.13. The Nasdaq finished 0.2 percent lower at 7.382.47.