Oil prices narrowed earlier losses Friday as reports of Saudi supply disruptions to Europe heightened geopolitical tensions, offsetting hopes for a swift pipeline repair and diplomatic de-escalation efforts.
Goldman Sachs analysts believe Federal Reserve interest rate hikes will temper gold's rally in the near term but will not derail the long-term bull market, citing robust central bank buying as a key structural support.
European natural gas prices are set for their first weekly decline in over a month as French supply disruptions ease, though ongoing Middle East tensions and low storage levels continue to support the market.
An LNG tanker chartered by Vitol Group was diverted from its Italian destination after its crew reported a suspected cyberattack that disabled key control systems. The incident highlights growing security concerns for global energy supply chains.
Naphtha prices in Asia declined for the third consecutive session, pressured by a downturn in benchmark crude oil markets. The key refining margin, or crack spread, also narrowed despite signs of persistent supply tightness.
The profitability of producing diesel in Europe dipped modestly on Friday but held near historical peaks, as ongoing shipping disruptions in the Middle East continued to support the market.
Angola plans to ship 28 crude oil cargoes in November, a decrease from the 30 cargoes scheduled for October, according to a preliminary loading plan. The tighter supply comes as rising freight costs may be limiting the upside for West African crude prices.
European wheat futures fell for a second consecutive session, tracking losses in Chicago, as traders assessed the ongoing impact of export disruptions from the Black Sea region.
U.S. Treasury Secretary Scott Bessent is set to meet with Chinese Vice Premier He Lifeng to discuss critical economic topics, including artificial intelligence models and the strategic supply of rare earth elements, ahead of a presidential summit.
