Oil prices have tumbled about seven per cent, with US crude plunging to its lowest level in more than a year, caught in a broader Wall Street sell-off that was fed by rising concerns about slowing global economic growth.
The Nasdaq has slumped nearly 3 per cent and the Dow and S&P fell more than 1 per cent as investors pulled out of Apple and internet shares, while conflicting signals over the US-China trade dispute added to caution.
Gold inched up as the dollar fell, but the metal stayed in a tight range as investors held off on big moves ahead of the US Thanksgiving holiday on Thursday.
Brent crude futures fell in choppy trade, under pressure from growing supply but supported by a reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.
Oil ended the week slightly firmer after volatile trading, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.
The S&P 500 and Dow Industrials are higher after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods, but falling shares of Nvidia Corp dragged down the Nasdaq.
Gold rose as much as a percentage point as the dollar fell after US Federal Reserve officials made cautions comments on the outlook for interest rate hikes, while palladium hit a record high driven by worries about short supplies.
il futures have risen, steadying after the week's steep losses as fuel stockpile declines in the United States helped offset concerns about a potentially oversupplied market next year.
Gold hit a near one-week peak as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos, helping the metal hold its ground against a rising dollar.
ANNIVERSARY SPECIAL: The annual Business News Biggest Employers survey has tracked changing employment patterns in WA over 13 years. This article is part of a special series to mark Business News' 25-year anniversary.
Oil has bounced nearly two per cent, recouping some of the previous session's heavy sell-off, on the growing prospect that the Organisation of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up the market.
Gold rose one per cent overnight, helped by a slight retreat in the dollar following a rally and as some investors covered their short positions after the metal held the key $US1,200 level.
Wall Street stocks have declined, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears that regulations on the banking industry would tighten once the Democratic Party takes control of the US House of Representatives.
Wages growth in Western Australia is lagging the country, with ABS data showing the state's wages increased just 1.6 per cent year on year, compared with a national increase of 2.3 per cent.
The state government has confirmed it will use an estimated $1.7 billion GST windfall to pay down its debts, after the legislation cleared federal parliament today.
Oil's price slide has accelerated, with US futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.
Gold shook off earlier losses to move back above the key $US1,200-per-ounce level, benefiting from a slight retreat in the dollar after a rally driven by the US interest rate outlook and Brexit talks.
The commissioners running the City of Perth have appointed an acting chief executive, with local government consultant Murray Jorgensen set to take the reins.
ANNIVERSARY SPECIAL: The growth in household disposable income provides a graphic illustration of the effect of 25 years of technological change and investment in WA. This article is part of a special series to mark Business News' 25-year anniversary.
US crude prices turned negative as President Donald Trump said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting supply next year, citing softening demand.
Gold slid to its lowest level in a month overnight as the dollar rose to 16-month highs, boosted by the US Federal Reserve's hawkish interest rate policy and political uncertainty in Europe.
Wall Street's major indexes declined, with the S&P 500 weighed by technology and financial stocks as shares of Apple and Goldman Sachs came under pressure.
ANNIVERSARY SPECIAL: A boom-bust economic cycle and wrangles over GST funding are two of the challenges to have faced WA's political leaders over the past 25 years. This article is part of a special series to mark Business News' 25-year anniversary.
Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.
