FXstreet.com (London) - Oil took 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.

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.

Front month WTI currently trades at $78, having traded tightly range bound this session.

Gold bullion has firmed in trade in Asia this session, ticking up just a few bucks form the open. The precious metal currently trades at $1137, and has tested twice $1140, primary resistance should bullion wish to trade higher.