West Texas Intermediate oil was lower in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected.
Gold prices headed higher in mid-morning trade as the safe-haven metal finally sparked buyer interest amid U.S.-China trade worries, while a weaker-than-expected reading on job creation also helped reduce worries over a faster pace of rate hikes from the Federal Reserve.
Oil prices traded lower on Thursday over concerns that U.S.-China trade war is set to ratchet up a few notches as the Trump administration could impose a 25% tariff on $200 billion worth of Chinese imported goods after the comment period expires on Thursday.
Gold prices edged up on Thursday morning in Asia after hitting an 11-day low on Tuesday, as the U.S. dollar traded lower.
The dollar edged lower against a currency basket on Thursday as concerns over the U.S. - China trade war and recent turmoil in emerging markets weighed on market sentiment.