Crude Oil
Oil prices continued to tumble on Friday, to hit the lowest level since 2009, as investors piled on to their short positions in anticipation of lower prices into the new year amid concerns over a growing supply glut. The International Energy Agency, the Organization of the Petroleum Exporting Countries and the U.S. Energy Information Administration all cut their estimates for oil-demand growth during the week, fuelling concerns over a slowdown in global demand. The IEA cut its 2015 global oil demand growth forecast by 230,000 barrels per day to 0.9 million barrel per day on Friday.
Gold
Gold fell on Friday on a firm dollar and robust U.S. economic data, but prices were set for a second straight weekly rise following gains earlier in the week from safe-haven demand. Bullion's weakness on Friday came as the dollar stayed firm against most other major currencies, thanks in part to U.S. retail sales data that provided fresh evidence of momentum in the economy. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery declined $3.10, or 0.25%, to settle at $1,222.50 a troy ounce by close of trade. Despite Friday's modest losses, gold prices rose 2.62%, or $32.10, on the week, the biggest weekly gain since June.