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 still trades at $75/$72 approximately. Crude trading largely on the strength of the Dollar right now ahead of any DOE of API oil stocks data. Oil has been set back recently by warmer climate, after a sudden cold snap bolstered prices. Now trading on Dollar tecnhicals and watching for consumption cues tied to macro data. Notably crude oil still trading what OPEC has called a ‘comfortable’ level between $70 and $80. Front month WTI currently trades at around $75, having traded tightly range bound this session. Gold bullion has strayed a little from the open, losing $3 dollar, but trading thinly and range bound. The precious metal currently trades at $1083, coming off significantly from session highs the $1100 it had hovered at. Chinese and Indian reserve diversification (buying more gold) could well be the supports hold gold from going much further south.

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