At 13:30 GMT, the US economy released it reading for the average hourly earnings for May, which fell by 1%, worse than forecasts of a rise by 1% and worse the previous reading of 4.7%. 

At 12:30 GMT, the US economy released its reading for the Non-Farm employment change for May, which rose by 2.590 million new jobs, better than forecasts of losing 7.750 million jobs, and better than Apirl's reading (the all-time worst) of -20.687 million after it was revised from -20.537. This data is positive for the US economy.

Oil prices continued to rise as the US market opened on Friday, to extend gains for the second day, hitting 3-month highs, and on the cusp of the sixth straight weekly gain, in the longest weekly gains streak since March 2019, on growing hopes that the OPEC-Plus coalition will extend its output agreement, after resolving the current issues regarding the commitment of some producers to their full shares of the agreement, and agreeing to hold an extraordinary video conference meeting tomorrow.

The US crude rose 3.6% to the highest since March 9 at $38.61 a barrel, after it opened at $37.27, and hit an intraday low of $37.07, and Brent crude rose more than 4.4% to  the highest since March 6 at $41.57 a barrel, after it opened at $39.82, and hit a low of $39.74.

The US crude gained 1.5%, and Brent crude futures rose more than 1.1% yesterday, posting the fifth daily gain in 6 days, after the US production fell to the lowest level since 2018..

The Russian Energy Ministry confirmed today that a video conference between the major global oil producers, known as the OPEC-Plus, will be held on Saturday.

Reuters quoted a source in OPEC that the organisation will first meet at 12:00 GMT on Saturday, and the OPEC-Plus collation will meeting via video conference at 14:00 GMT.

The meeting that was previously scheduled for yesterday got postponed, after Saudi Arabia and Russia insisted on the approval of the member states that didn't commit to their shares from the current output cut.

Sources in OPEC-Plus said that Saudi Arabia and Russia has agreed in principle to extend the production cuts for one month until the end of July, after most of the OPEC Plus coalition member agreed too.

Should the collation agree on extending the cut, the global production cut by 9.7 million barrels per day will continue until June, which will help the global market to balance. 

The US crude has gained 9.5%, and Brent crude futures gained 10.5%, so far this week, to head for the sixth straight weekly gain, in the longest weekly gains streak since March 2019, on global demand hopes after easing the coronavirus-lockdown, the OPEC-Plus output cut agreement, and the US production falling to the lowest level since 2018.

Gold prices held steadily on Friday in a limited range of trading, as investors avoid building new positions ahead of the US jobs report, which provides insight about the economic recovery in the US after easing the coronavirus lockdown.

Gold prices traded at $1,710.55 an ounce as of 08:55 GMT, after opening at $1,713.09, and hitting an intraday high of $1,716.54 and a low of $1,706.96.

The yellow metal rose 1% yesterday, to post its first daily gain in 3 days, recovering from a 4-week low of $1,689.16. 

Gold prices lost 1.1% so far this week, to head for the third weekly loss, on slow demand and improved risk-appetite, which was reflected in a broad rally in most global stock markets.

Investors are anticipating the release of key data later today, as the non-farm employment change reading will be released at 12:30 GMT, with forecasts of losing 7.750 million jobs in May vs. 20.537 million job lost in April, and the unemployment rate is expected to rise to 19.4%, while the average hourly earnings is expected to rise by 1% vs. 4.7%.

Gold stocks at the SPDR ETF fell 1.16 metric tonnes yesterday, at a total of 1,133.37 metric tonnes, which is the highest since May 2013.