Oil prices trading higher as gold tips over the $1200 mark

US Light oil prices are trading back above $77 today from three month lows as commodities get a boost and gold prices hit the $1200 mark after the EU agreed to protect the bloc’s debt-stricken nations with a new EU debt fund. US Light crude oil futures for June delivery was at $77.17 a barrel in Asian trading, after falling more than $11 or about 13 per cent last week. Gold prices rose as high as $1210.35 per oz last week, and has its sights firmly set on the December 2009 record high of $1226.10 per oz, traders said. “Certainly a pull-back in this market is more than likely, but the overall trend for gold is higher,” Peter Hillyard of ANZ Bank said. Plummeting oil prices seem to indicate that some investors had become overly optimistic about the strength and pace of a apparent recovery from the global financial crisis and turned to safer investments including gold. Light oil prices at $83 in early trading, US dollar dips Oil prices start the week trading higher on US data Euro in Greek tailspin, US dollar firms & oil prices holding out US Light oil prices fall under $82 on Goldman Sachs news Oil prices start week trading around $85 on weak US dollar Light oil price trading up as US dollar takes a knock Crude oil prices hit 2010 trading high on falling US dollar Oil prices trading higher on Monday amid weaker US dollar Oil prices trading range at $80 mark on US Dollar Index Oil prices trading lower as US dollar makes gains Brent oil trading below $80, US dollar holding down prices Oil prices trading down two percent on stronger US dollar Oil prices trading steady, eyes on US dollar index Crude oil prices trading lower on stronger US dollar Light oil prices end the week well above $80 trading range Oil prices trading near 2010 highs on latest US jobs data Oil prices trading steady around $80, stronger US dollar Oil prices trading down two percent on latest US jobs data Oil prices trading down two percent on stronger US dollar Oil prices & commodities trading higher, US dollar slides

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Oil prices trading higher as gold tips over the $1200 mark