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Globally, spot gold was trading at $2,385.97 per ounce at 9.45 am UAE time
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Saudi output extension comments buoy oil prices
US energy companies added 4 oil rigs in the week to March 23.
new york - Saudi energy minister said Opec and allied producers need to keep coordinating supply cuts into 2019
Brent crude futures jumped $1.54, or 2.2 per cent, to settle at $70.45 a barrel. For the week, Brent was up about 6.4 per cent, its strongest weekly rise since July.
US West Texas Intermediate (WTI) crude futures also had their biggest weekly gain since July, at 5.5 per cent. WTI settled at $65.88 a barrel, up $1.58, or 2.5 per cent.
US hedge funds and other money managers raised their bullish bets on WTI in the week to March 20 by 34,488 contracts to 488,438, the US Commodity Futures Trading Commission said.
"There are a number of bullish things to hang the hat of the rally on last week; be it the inventory report or the tariff news, or the heightened tensions between Saudi and Iran," said Matt Smith, director of commodity research at Clipper Data in Louisville, Kentucky.
President Donald Trump's decision to replace national security adviser H.R. McMaster with John Bolton, who is seen as more hawkish on Iran, also supported prices, Smith said.
US energy companies added 4 oil rigs in the week to March 23, General Electric's Baker Hughes energy services firm reported. That brought the total number of rigs to 804, the highest in 3 years.
While US production keeps rising, the Opec and allied producers have curbed output. Saudi Energy Minister Khalid Al Falih told Reuters the curbs, instituted in January 2017, would need to continue into 2019 to reduce global inventories. The demand outlook also supported oil. - Reuters
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