Commodity Roundup: Oil, gold headed for weekly fall; base metals trade mixed

Oil prices headed for a second consecutive weekly loss on Friday, as concerns over China’s fuel demand on the back of recent weak data, offset support from Middle East tensions and hopes of likely end to Federal Reserve policy tightening. Signs of China’s faltering economic recovery usually weighs on the outlook for certain commodities including oil and base metals. “The price of oil has remained relatively subdued since the October 7 Hamas attacks on Israel. This is consistent with our baseline view that oil price will exit the year at $86 before declining to an average of $83 next year…