US crude settled below $80 a barrel after China cut interest rates and on speculation OPEC could agree to reduce oil production.
Gold nudged $1,200 an ounce after the Chinese central bank announced it was cutting its benchmark lending and deposit rates.
The euro fell sharply on Friday after European Central Bank chief Mario Draghi signaled the organization could launch further monetary easing.
Asian indices traded mostly higher in Friday's afternoon session, after Japan's Prime Minister Shinzo Abe dissolved parliament's lower house.
U.S. stocks closed at highs after encouraging domestic data alleviated concerns over continued signs of slowing growth in Europe and China.
Treasury bonds rose as investors sought the safety of government bonds amid concerns about global growth following weak data from China and Europe.
European shares closed lower on Thursday as investors reacted to worse-than-expected data from the euro zone.
U.S. crude settled up $1 at $75.88 per barrell on Thursday as strong U.S. economic data bolstered crude markets.
Gold rose as the previous day's 1 percent drop lured price-sensitive buyers, though gains were limited.
The US dollar has recovered from session lows of 117.75 yen, while the euro fell slightly from around $1.255 to $1.245.
Asian equity markets were mixed, as traders reacted to key economic data from Japan and China. Declining commodity prices also weighed on resource-heavy bourses in the region.
European shares closed flat to lower on Wednesday as investors awaited the minutes from the last Federal Reserve policy meeting.
U.S. stocks were setting up for a sharply higher open on Friday, following the first rate cut by China's central bank in more than two years.
Contracts for U.S. crude pared earlier losses to settle at $74.50 as Libya fueled hopes of that OPEC would cut oil production.
Gold tumbled on Wednesday as traders awaited Federal Reserve minutes later in the day and an opinion poll ahead of next week's Swiss gold referendum.
The US dollar was slightly weaker against the euro and the yen after the Federal Reserve released the minutes of last month's meeting.
Trading was mixed in Asia on Wednesday, as sentiment turned cautious amid concerns over the health of Japan - the world's third largest economy - and ahead of the release of the U.S. Federal Reserves' meeting minutes.
U.S. stock futures turned higher ahead of the open, with traders waiting on minutes from the latest meeting of the Federal Reserve and housing data.
The U.S. Treasury yield curve steepened on Tuesday, with benchmark 10-year bonds rising slightly.
European shares closed in positive territory on Tuesday as new data for Germany beat expectations and buoyed investor sentiment.
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