New York, NY (BBN)- Crude oil prices remained under pressure throughout the week. Crude prices rebounded to reach US$ 74 per barrel on Monday.
But crude oil prices stayed close to a six-week low on a combination of lacksture economic indicators, rising risk aversion and a lack of hurricane activities in the Gulf of Mexico.
Crude oil futures overnight rebounded from an 11-week low and five days of losses on Thursday to hit US$ 72.92 per barrel as the market shrugged off government data showing across-the-board rises in crude oil and product inventories last week.
At the end of the week, NYMEX West Texas Intermediate crude was trading around US$ 73.12 per barrel. Gold prices fell on Friday after a six-days rally as US$ rose while regained strength on Monday (US$ 1,230.70) and slipped to its lowest level in nearly a week on Tuesday (US$ 1,223.30) as weaker equities prompted speculators to sell bullion to cover losses. Gold was steady on Thursday, hovering near its strongest level in eight weeks around US$ 1,240.55 per ounce to end the week, according to reports.
BBN/SI/AD-27Aug10-9:55 pm (BST)