Oil prices fell below $30 a barrel on concerns over the slowdown in the global economy and over the global oil oversupply. Iran plans to boost its oil exports once the sanctions are lifted off.

The weaker-than-expected economic data from China added to concerns over the slowdown in the world economy. The People's Bank of China (PBoC) released its new loans data on Friday. New loans in local currency in China were 597.8 billion yuan in December, down from November's 708.9 billion yuan and well below expectations of 700 billion yuan.

Market participants are also awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported on last Friday that the number of active U.S. rigs declined by 20 rigs to 516 last week. It was the lowest level since April, 2010.

WTI crude oil for February delivery dropped to $29.60 a barrel on the New York Mercantile Exchange.

Brent crude oil for February slid to $29.53 a barrel on ICE Futures Europe.

Gold price rose on increasing demand for safe-haven assets as global stock markets declined. A weaker U.S. dollar also supported gold. The U.S. dollar fell against other currencies after the weaker-than-expected U.S. economic data.

The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index fell 0.2% in December, in line with expectations, after a 0.3% rise in November.

On a yearly basis, the producer price index decreased 1.0% in December, in line with expectations, after a 1.1% fall in November.

In 2015 as whole, U.S. producer prices declined 1.0%, after a 0.9% rise in 2014.

The U.S. retail sales fell 0.1% in December, missing expectations for a flat reading, after a 0.4% gain in November. November's figure was revised up from a 0.2% increase.

The lower increase was mainly driven by a fall in sales at service stations, which dropped 1.1% in December.

The Federal Reserve released its industrial production report on Friday. The U.S. industrial production fell 0.4% in December, missing expectations for a 0.2% decrease, after a 0.9% decline in November. November's fall was the fastest drop since May 2009.

The drop was mainly driven by a fall in the mining output and utilities. Mining output plunged by 0.8% in December, while utilities production slid 2.0%.

These figures could mean that the Fed will delay its further interest rate hikes.

February futures for gold on the COMEX today climbed to 1090.50 dollars per ounce.

The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index fell 0.2% in December, in line with expectations, after a 0.3% rise in November.

A stronger U.S. dollar and weak global demand weigh on inflation.

The decline was mainly driven by a drop in energy prices, which declined 3.4% in December.

Services prices were up 0.1% in December, while prices for goods declined 0.7%.

Wholesale food prices slid 1.3% in December.

On a yearly basis, the producer price index decreased 1.0% in December, in line with expectations, after a 1.1% fall in November.

In 2015 as whole, U.S. producer prices declined 1.0%, after a 0.9% rise in 2014.

The producer price index excluding food and energy rose 0.1% in December, in line with expectations, after a 0.3% increase in November.

On a yearly basis, the producer price index excluding food and energy climbed 0.3% in December, in line with forecasts, after a 0.5% rise in November.

These figures could mean that the Fed will delay its further interest rate hikes.

The U.S. Commerce Department released the retail sales data on Friday. The U.S. retail sales fell 0.1% in December, missing expectations for a flat reading, after a 0.4% gain in November. November's figure was revised up from a 0.2% increase.

The lower increase was mainly driven by a fall in sales at service stations, which dropped 1.1% in December.

Retail sales excluding automobiles decreased 0.1% in December, after a 0.3% rise in November.

Sales at building material and garden equipment stores increased 0.7% in December, while sales at furniture stores climbed 0.9%.

Sales at clothing retailers fell 0.9% in December, while sales at auto dealerships were flat.

These figures could mean that the Fed will delay its further interest rate hikes.

The People's Bank of China (PBoC) released its new loans data on Friday. New loans in local currency in China were 597.8 billion yuan in December, down from November's 708.9 billion yuan and well below expectations of 700 billion yuan.

M2 money supply jumped by 13.3% year-on-year in December, after a 13.7gain in November.

Total social financing increased to 1.82 trillion yuan in December from 1.02 trillion yuan in November.

West Texas Intermediate futures for February delivery climbed to $31.56 (+1.15%), while Brent crude declined to $30.51 (-1.20%). Nevertheless both crudes remained under pressure amid concerns over China's economy (world's second-biggest oil consumer) and expectations of additional supplies from Iran now that sanctions are lifted and the country is working on boosting production.

Oil prices have already lost over 15% in the first two weeks of 2016.

Gold climbed to $1,080.60 (+0.62%) but stabilizing U.S. stocks kept a lid on gains. Rising stock prices encourage investors to go for higher yield and abandon the non-interest-paying precious metal. Expectations of further rate increases by the Federal Reserve this year are also a bearish factor for gold.

Assets of SPDR Gold Trust, world's biggest gold-backed exchange-traded fund, rose by 2.4 tonnes on Wednesday, raising the total inflow for the year to 11.7 tonnes.

(raw materials / closing price /% change)

Oil 31.21 +0.03%

Gold 1,078.30 +0.44%