COMMODITIES

Oil prices soared on Friday as the dollar lost some momentum, although gains remained limited on concerns over a recession and COVID-19 weighing on fuel demand in leading importer China.

Oil prices were down to their lowest levels in three weeks on Thursday after China’s services sector underperformed in October, signaling further pressures on the top crude importer, while the

US soybean futures surged on Tuesday, finding support on short-covering due to less US harvest, optimism over Chinese export sales, and uncertainty on the availability of South American supplies. Chicago

Oil prices climbed on Wednesday after US data showed less inventory build in the previous week, although gains were kept in check as markets await the Federal Reserve’s rate decision.