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Crude oil futures rebounded from earlier losses to rise sharply on Friday, after data showed that the number of rigs drilling for oil in the U.S. fell again last week. The Organization of Petroleum Exporting Counties decided on Friday to maintain its production levels at 30 million barrels per day for at least another six months, despite ongoing concerns over ample global supplies. Oil prices were down sharply earlier as the U.S. dollar surged after an upbeat jobs report raised expectations for an interest rate hike this fall.
GOLD
Gold plunged to the lowest level in almost three months on Friday, as robust U.S. nonfarm payrolls data boosted optimism over the health of the economy and supported the case for a U.S. interest rate hike this year. The Labor Department reported that the U.S. economy added 280,000 jobs in May, the most since December and far more than the 225,000 forecast by economists. The unemployment rate ticked up to 5.5% last month from 5.4% in April, while average hourly earnings rose by 0.3%, above expectations for a 0.2% increase. The robust jobs report added to the view that the U.S. economy was regaining strength after contracting in the first quarter, fueling speculation that the Federal Reserve could raise rates as early as September.