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A fresh threat of US tariffs against Europe and disappointing manufacturing data tempered the market mood following the US-China trade war truce last weekend.
Oil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
"There is plenty of reason to be seeking shelter in gold."
Oil is being propped up by Middle East tensions after the US used video to blame Iran for tanker attacks
Oil prices on Friday were pushed and pulled between competing drivers of Iran tensions and a supply glut.
Oil prices jumped at least 3% as traders feared Middle-Eastern tensions could reduce crude supplies.
WTI crude oil is now in a bear market, down 21% from its April high. Analysts say global growth fear is the culprit.
Oil producers such as Saudi Aramco are betting on plastics and chemicals during a backlash against plastic waste.
Oil is nearing its biggest weekly loss this year as demand and trade-war woes combine in a ‘recipe for disaster’
Rising US supply, weakening demand, and US-China trade fears are a "dangerous combination" and adding to trader concerns in oil markets.
The volume of gold bought by central banks in 2018 rose to its highest level since the end of the Gold Standard nearly a half a century ago.
"Many investors view the UK as uninvestible. We get it," says Citi analysts, who nevertheless found domestic stocks, commodities, and debt in the UK.