Oil prices were skyrocketing with the news of the OPEC members and Russia pledging to extend oil production cuts of 1.8 barrels a day to March, 2018.
Brent Crude Futures were up by 32 cents, or 0.6 percent, closing at $53.93 per barrel, while West Texas Intermediate crude futures rose above the $50 per barrel after also adding 0.6 percent.
Gold prices maintained their bullish position because of the political worries concerning the U.S. President Donald Trump. U.S. Gold futures were up by 0.2 percent and were traded at $1,255.50 per ounce. Spot gold finished almost flat at $1,225.30 per ounce with an increase of a meager 0.7 percent.
Trump’s domestic political entanglement negatively affected the dollar, which suffered from a six-month low against its peers. The euro continued its rally versus the greenback closing up by +2.45% and settling above 1.1200 for the first time since October 5, 2016.
All three main Wall Street’s indices crossed to the green zone on Friday. The Dow Jones climbed by 0.7 percent led by General Electric Co. and Boeing. The S&P 500 also recorded tidy gains after rising by 0.7 percent. Bullishness was recorded in the energy sector. The technological NASDAQ enjoyed a second consecutive day of gains climbing by 0.5 percent.
Despite this rally, American indices ended the week in the red zone. The Dow and the S&P slipped by 0.4%; the NASDAQ shed 0.6 percent.