FXstreet.com (London) - Oil has taken a slight setback in recent trading as it dropped below $80 as supply increased. 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.

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

Gold bullion has lost around $6 Asia this session, after ticking up just a few bucks in early trade. The precious metal currently trades at $1134, having consolidated at this level in the last few hours trade.