FXstreet.com (London) - Oil has taken a slight setback in recent trading as it continued its drop below $80 now extending as low as 75/6$. 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 its current level where it has held more or less since the beginning of 2010. Until now, where it has taken an apparent correction to stay within OPEC ‘comfortable’ price range’ Front month WTI currently trades at $76, 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 $1100 in Asia this session. The precious metal currently trades at $1094.28, having consolidated at this level in the last few hours trade.

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