Oil gains for the day, but drops over 6% for the week

The strong U.S.jobs data failed to shake investors' bullishness toward the euro ahead of the second round of France's presidential election.

Both Brent and USA crude fell more than 3 percent overnight amid record trading volumes on mounting concerns about global oversupply. "The entire commodity space was weaker", Tran said.

"On the other hand, one can only ponder how long they are willing to shoulder the burden of supporting oil prices on their own", PVM Oil Associates analyst Tamas Varga said. They also unleash deflationary forces, but can help energy-importing economies, firms and households by lowering their energy bills.

Oil wasn't the only commodity that suffered. It fell 4% on May 4. Oil prices stabilized in Asian trading Friday after hitting a five-month low while regiona.

In currencies, the Australian dollar has been hit hard, falling almost 0.5% against the U.S. dollar in the past 24 hours.

The recent drop prompted traders to question the effectiveness of OPEC's efforts to rebalance the market. World shares are up for a third week and hit a record high on Wednesday.

"Any likelihood of an increase in the level of cuts remains slim with OPEC officials playing down this possibility", said James Woods, global investment analyst at Rivkin Securities.

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USA crude prices plunged more than 3% in a matter of minutes on Friday morning in Asia, taking the price of a barrel below $45 for the first time since a landmark OPEC deal in November to slash production.

The dollar and US government bond yields barely budged though. The dollar and USA government bond yields had both been nudged lower by the commodity market worries. It is set to be the fourth weekly fall on the trot for the greenback, now at its lowest since November. Stocks also flinched both in Asia and Europe, catching investors that had been expecting to spend the day mostly looking ahead to USA jobs data and Sunday's French elections, on the back foot.

"With continued solid job growth, the USA economic expansion will continue throughout 2017".

Emerging markets were also caught in the commodities sell-off.

The pan-European FTSEurofirst 300 index .FTEU3 rose 0.69 percent and MSCI's gauge of stocks across the globe.MIWD00000PUS gained 0.36 percent after touching a record high. The kingdom is seen as a driver of OPEC's production cut deal, with Saudi Energy Minister Khalid al-Falih telling an April conference in Abu Dhabi there appeared to be a growing consensus on a need to extend the cuts, as global inventories remain stubbornly high.

"We still have some downside risk, but we're starting to get near the bottom".

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