FXstreet.com (London) - Oil weakened slightly this session on thin Asian trade, but still stood strongly above $80. OPECs previous comments are surely supporting oil at its current level, a group of the leading producers say they are comfortable with oil in this range.
Oversupply is set to continue this year as the slow (but steady) growth of the global economy and the demand for energy this brings with it, weighs on oil prices. Recent cold weather across the Northern hemisphere had bumped oil prices up, however with meteorologists reporting warmer weather due, oil has shed some gain in recent trade..
Front month WTI currently trades at 81.88, off around 70 basis points from the open.
Gold bullion has firmed in trade in Asia this session, up $1 from the open despite choppy early trade. The precious metal currently trades at $1151.