Trump's China comments were an ugly start to the U.S. trading session on Wednesday
Stock market volatility, dollar weakness and geopolitical concerns may help the yellow metal mount a comeback.
GASC is looking to buy the oils for arrival July 1-15, its vice chairman Ahmed Youssef said.
Trump's tweet earlier on Friday said oil prices were artificially very high
Oil prices rose on Thursday to their highest since late 2014.
The initiative is the latest attempt by the industry to clean up its image.
Thai export prices touch highest level since June last year.
The government said last year it would buy wheat from local farmers at global prices this season, which began on April 15 and ends on July 15.
Gold prices dipped on Thursday, weighed down by a firmer dollar.
That is down from May sales of $4-$4.50 per barrel.
A cargo loading on June 24-30 was sold via tender at a premium close to $4 a barrel to Dubai.
BPCL could become the second Indian state refiner after Indian Oil Corp to open a Singapore trading outpost.