FXstreet.com (London) - Oil has taken a slight setback in recent trading as it continued its drop below $80 now extending as low as 76$. As the cold snap across the Northern hemisphere seemed to recede and oversupply conditions remain, oil trades still well below the $80 level.

The energy, used primarily for automotive gasoline, has in the past months traded steadily up from just below 69$ to its current level where it has held more or less since the beginning of 2010. Until now, where it has taken an apparent correction to stay within OPEC 'comfortable' price range'.

Front month WTI currently trades at $77, having traded tightly range bound this session.

Gold bullion has jostled between $1112 and $1114 in Asia this session, after losing a few bucks in early trade. The precious metal currently trades at $1114.28, having consolidated at this level in the last few hours trade.