West Texas Intermediate futures for January delivery, which expires today, fell to $35.73 (-0.92%), while Brent crude dropped to $36.40 (-1.30%). Prices of both types of crude fell to levels not seen since 2009 and 2004 respectively.

Investors are concerned over the persistent supply glut and prospects of exports from the U.S. after elimination of a forty-year old export ban. Iran is also preparing to boost production now that the sanctions are lifted.

Data showed on Friday that despite plunging prices U.S. rig count rose by 17 to 541 after four weeks of declines.

Gold climbed to $1,068.50 (+0.33%) following gains in the previous session amid a softer dollar and weaker stocks. However gains are limited due to concerns that higher interest rates in the U.S. will hit demand for the non-interest-paying precious metal. The Federal Reserve is likely to raise rates further in 2016.

Assets in SPDR Gold Trust, the biggest gold-backed exchange-traded fund in the world, climbed 2.98% to 648.92 tonnes on Friday, marking the first increase in two months.

Physical demand may improve in China in a couple of weeks due to the Lunar New Year celebrations in February.

(raw materials / closing price /% change)

Oil 34.55 -0.52%

Gold 1,065.60 +0.06%