Sunday 08, October 2017 by William Mullally

Oil stays above $50 dollar level

Mihir Kapadia, CEO and Founder, Sun Global Investments

Oil futures are a few cents lower in Asia after rebounding almost 2 per cent Thursday during US trading. Those gains had pushed Oil up above the psychologically important $50/barrel level. WTI futures were down 6 cents at $50.73 while December Brent was off seven cents at $56.93.

Gold edged higher in Asia as investors await the US jobs report but any gains are likely to be limited and further downside is seen with Fed officials indicating another US rate increase is on the cards this year. Safe-haven demand for Gold has reduced as tensions in the Korean Peninsula have eased, while Catalonia's move towards independence from Spain so far has had little impact on the precious metal. Spot gold is up 0.1 per cent at $1,269 troy ounce. Copper prices ease slightly in Asia following a three per cent jump Thursday, the biggest daily gain in more than two months.

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