Commodities Corner

Commodities Corner: Gold up testing $1100, Oil flat $74.

FXstreet.com (London) - Oil trading very thin as usual in Asian trade, with major players waiting for liquidity provided in Euro and US sessions. WTI/Brent now trading at $75/$72 approximately. Oil set back as risk aversion set in the market and players moved away from riskier assets. Dollar strength has also held oil down.

The energy, used primarily for automotive gasoline, has in the past months traded steadily up from just below 69$ to over $80 before cutting back on global tensions and a slower recovery in China. Notably crude oil still trading what OPEC has called a ‘comfortable’ level between $70 and $80.

Front month WTI currently trades at $74, having traded tightly range bound this session.

Gold bullion has firmed a little post its collapse in earlier US trade, when the precious metal fell straight through. The precious metal currently trades at $1098, rising in early Asian trade but without the enough depth to break $1100, where the metal currently consolidates.