Commodity markets traded mixed on September 11, with oil prices rising as escalating attacks along key Middle East shipping routes raised concerns over prolonged supply disruptions. Meanwhile, gold remained under pressure and was on track for a third consecutive weekly decline.
Oil prices rose on Friday and both major benchmarks are on track to end the week at over $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.
Brent crude futures rose $1.05, or 1%, to $108.68 a barrel. US West Texas Intermediate crude rose 95 cents, also 1%, to $103.45 a barrel. Both benchmarks rose over 6% on Thursday.
On a weekly basis, the benchmarks were trading nearly 13% higher - the steepest gain since the week ended July 17.
In commodity markets, gold was on track for a third weekly decline, as surging oil prices and the latest US inflation