New York, NY (BBN)- Crude prices fell to six-week low of US$ 73.83 a barrel on Wednesday on news that U.S. commercial crude and product inventories rose last week to the highest level since the U. S. government began tracking weekly data, indicating that fuel supply is outpacing demand amid a slow U. S. economic recovery.
Crude oil prices remained under pressure throughout the week. At the end of the week, NYMEX West Texas Intermediate crude was trading around US$ 75.50 per barrel.
Gold prices rose to a one and half month high on Monday on a weakening US$, according to reports.
Concerns over the global economic recovery particularly raised appetite for the precious metal as investors dumped risky currencies in favor of gold. At the end of the week, gold was trading around US$ 1,229.65 per ounce.
BBN/SI/AD-20Aug10-3:28 pm (BST)