Commodities: Oil ends losing streak
A three day retreat on the oil market was brought to an end Friday as dealers pinned hopes on the US government's stimulus plan and further demand from China.
US light crude for February delivery closed 44 cents higher at $90.57 a barrel on the New York Mercantile Exchange, although that was off its best level of $91.32.
Thursday's comments from Fed chairman Ben Bernanke that the outlook for the US economy had worsened had upset energy markets as fears grow that a recession will harm demand.
But upbeat comments from Rio Tinto boss Tom Albanese about continuing growth and subsequent demand from China whatever happens in the US gave investors a reason to buy.
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On the metal exchange, gold inched higher as news of the US fiscal stimulus plan failed to buoy investors, raising the profile of the yellow metal as a safe haven.
Gold for February delivery gained 30 cents to $880.80 an ounce in New York, with a mostly stronger dollar limiting the advance.
Elsewhere, silver and copper improved, but platinum and palladium lost ground.
