Commodities markets summary
Market watch top headlines
A summary of trading in key commodities markets overseas:
Oil prices in New York have gained after OPEC held its production ceiling unchanged and analysts saw poor US economic data pointing to new stimulus measures from the Federal Reserve.
Algerian Energy and Mines Minister Youcef Yousfi said the 12-nation Organization of Petroleum Exporting Countries (OPEC), which pumps a third of the world's oil, decided in Vienna to keep its current output cap at 30 million barrels per day (bpd), as it has been since December's meeting.
Oil prices had been mixed ahead of the cartel's meeting.
But during and after the meeting the main US contract, West Texas Intermediate crude for July delivery, surged to end at $US83.91 a barrel, up $US1.29 from Wednesday.
In London, Brent crude for July was little changed, losing 10 US cents to $US97.03.
Gold ended near flat, as hopes for possible US monetary easing were balanced out by investor worries about the financial stability of euro zone economies.
The most actively traded contract, for August delivery, gained 0.01 per cent, or 20 US cents, to settle at $US1,619.60 per troy ounce on the Comex division of the New York Mercantile Exchange.
Gold prices struggled to find direction throughout the trading day, with futures falling midday after a top European Central Bank (ECB) official said the bank should not let inflation rise.
Investors are waiting on the outcome of Greece's elections on Sunday, with market participants worried the new government won't back agreed-to austerity measures and tip Greece into a messy sovereign-debt default.
Base metals closed mixed on the London Metal Exchange (LME) following a lacklustre trading session that saw prices struggle for traction in either direction.
At the PM kerb close on Thursday, LME three-month copper was 0.3 per cent higher on the day at $US7,420 a metric ton. Aluminum was down 0.5 per cent at $US1,954/ton.