The oil price slipped further on Thursday and the front-month contract on Brent (ICE) was even trading below 112 USD per barrel (USD/bbl) level early in the afternoon. However, Brent recovered some losses and eventually settled at 112.42 USD/bbl. Still, Brent is set to post the largest weekly loss in last four weeks.
Regarding the North Sea physical market, the activity has been low through the most of this week. Reuters reported that some players have been reluctant to trade due to lingering uncertainty about the production at Buzzard oil field (currently is expected to resume the production during this weekend).
Today in early trading, gold extends previous losses and at the time of writing is seen just shy above 1730 USD per troy ounce (USD/toz) level.
Reuters said yesterday that both Asian physical buyers and sellers stay on the sidelines waiting for the move of the price. Technically, the next support level is seen at 1732.25 USD/toz.