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Gold rises as oil dives below $0

Market futures were mixed as investors digest news of the US oil price falling into negative territory for the first time.
Gold rises as oil dives below $0 Gold rises as oil dives below $0 Gold rises as oil dives below $0 Gold rises as oil dives below $0 Gold rises as oil dives below $0

BHP, which has a petroleum division, was lower in morning trade

Staff reporter

The price on the futures contract for West Texas crude that is due to expire today fell to minus US$37.63 a barrel, Bloomberg reported, as storage space runs out with demand for fuel slashed by global COVID-19 travel restrictions.

Airline Virgin Australia entered voluntary administration this morning, with founder Richard Branson saying it was not the end "but I believe a new beginning".

US markets closed lower while the S&P/TSX Composite Index gained about 0.2% following the government's announcement on Friday to provide assistance to the country's oil and gas sector.

European indices closed higher and Asian markets were mixed yesterday.

Diversified producer BHP (ASX: BHP), which has a petroleum unit among its assets, was down 2% in morning trade.

The spot gold price rose above $1,700 an ounce earlier but was trading at $1,687/oz at the time of writing.

Newmont (NYSE: NEM) inched up 0.59% yesterday, remaining near a multi-year high.

Finally, Fission Uranium (TSX: FCU) which is advancing its Patterson Lake South project in Canada's Athabasca Basin jumped 23.6% as the uranium spot price rose to $32.55 per pound.