FXstreet.com (London) - Oil weakened slightly this session on thin Asian trade, but essentially held its post US session level of just a shade under $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.

Chinese monetary tightening has further dampened investor expectations of speedy global recovery and thus has adversely effected the oil price. 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 79.90.

Gold bullion has traded extremely thinly this session, not moving since shedding $1 in early trading. The precious metal currently trades at $1129.