Commodity Capsule: Brent crude extend gains; gold slips, copper cools | Watch video

Commodity Capsule: Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve.

Brent crude climbed past $91 a barrel. US WTI crude was past $86.50 a barrel.

Both benchmarks settled at their highest since October on Thursday.

ANZ raised its 3-month price target for Brent to $95 a barrel.

Brent and WTI are set to notch over 4 per cent gain this week, climbing for second straight week, after Iran vowed revenge against Israel for an attack that killed high-ranking Iranian military personnel.

Ongoing Ukrainian drone attacks on refineries in Russia may have disrupted over 15 per cent of Russian capacity, a NATO official said on Thursday, hitting the country's fuel output.

OPEC+ this week kept their oil supply policy unchanged and pressed some countries to increase compliance with output cuts.

Investors are awaiting the US March employment report later on Friday for further clues on the health of the US economy and the direction of its monetary policy.

Gold prices fell on Friday, retreating from recent record peaks in anticipation of US labor data that is likely to factor into the outlook for interest rates.

The yellow metal is headed for its second consecutive weekly rise, up 2.7 per cent so far this week.

Key technical indicators showed that buying momentum was running dry after a strong run-up through March and early April.

The yellow metal may benefit from increased safe-haven demand, especially with the prospect of worsening geopolitical conditions in the Middle East amid saber-rattling between Iran and Israel.

Gold futures expiring in June fell below $2,300 an ounce, after hitting a record high of $2,325.30 an ounce on Thursday.

Recovery in the dollar pressured gold, as the greenback rose tracking a slew of hawkish comments from Federal Reserve officials.

Copper prices cool after rallying to 15-mth peaks; more China cues awaited.

Copper prices saw some profit-taking on Friday after surging to 15-month highs earlier this week.

Although LME copper is headed second straight weekly gain, up 4.7 per cent so far this week.

Red metal was boosted by positive economic readings from China, as well as the prospect of tighter supplies in the coming months.

LME copper futures fell 1.3 per cent to $9,261 a ton. The red metal remained close to the 15-month peak hit on Thursday.

Markets were now awaiting inflation and trade data from China, due next week, for more economic cues.

LME Aluminium, Zinc slipped on profit booking, although hovering near 1 year and 3 months high respectively.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.