FXstreet.com (London) - Oil traded flat this session and remains firm above $80. OPEC meets tomorrow in Angola and any commentary or production changes will closely eyed by commodities players. However OPEC, 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. Oversupply conditions limit price rises in oil, and recent US labour data suggest the growth of the economy is slower than recently believed
Front month WTI currently trades at 83.13, virtually unchanged from the open.
Gold bullion has held its gains form the previous session and sits strong at around $1155. Return to risk appetite has boosted commodity sectors, as a riskier alternative asset class.