West Texas Intermediate futures ended Friday's session lower, amid speculation rising global supplies will be more than enough to meet slowing demand. Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks. Crude oil for delivery in December slumped $1.08, or 1.32%, on Friday to end the week at $81.01 a barrel. Crude oil prices eased in early Asian trade on Monday on better than expected results from stress test exercises for European banks.
GOLD
Gold held losses from a six-week high as investors expected the Federal Reserve to end its bond-buying program this week and most European banks passed a test of their ability to weather a crisis, paring haven demand. Gold tacked on $2.70, or 0.22%, to settle at $1,231.80 a troy ounce by close of trade last Friday. Despite Friday's upbeat performance, gold prices lost $7.20, or 0.58%, on the week, the first weekly decline in three weeks. A recent batch of stronger than expected U.S. economic data indicated that the economic recovery maintained momentum and underlined speculation that the Federal Reserve could hike interest rates sooner than expected.
