Date: Tuesday 08 Jun 2010
Light crude oil for July delivery fell 7 cents to settle at $71.44 a barrel on the New York Mercantile Exchange. Oil prices slumped over 4% Friday after a weaker than expected government jobs report and as the euro fell to a four year low.
Global stocks markets from Japan, Hong Kong, Europe and the US, endured losses on Monday as investors fretted about Europe's financial health following news of the Hungarian debt situation.
Jitters about the economy put pressure on crude prices as traders looked to stockmarkets as an indicator of future global fuel demand.
Meanwhile increasing fears about the financial outlook in Europe fuelled demand for gold’s safe haven qualities.
After a weak start to the session Comex gold for August delivery rose $23.10 to settle at $1,240.80 an ounce, after trading at a high of $1241.70 an ounce, close to its record settlement of $1,243.10 an ounce in May.
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