LONDON (SHARECAST) - Oil prices retreated on Monday amid ongoing jitters about Goldman Sachs and as the dollar strengthened against major currencies.
Crude oil for June delivery fell $1.54 to $83.13 a barrel on the New York Mercantile Exchange. The contract came off an earlier low of $82.99 a barrel as the shock over Goldman Sachs’ fraud case started to ease.
The May contract, which expires at the end of trading Tuesday, settled $1.79 lower at $81.45 a barrel.
Fraud charges were brought against Goldman Sachs on Friday because the bank sold investors a product tied to subprime mortgages.
Concern about weak demand has also been nagging at investors however better than expected US economic data and last week’s surprise drop in crude oil supplies have been buoying oil prices.
This week, with economic data thin on the ground, many analysts expect oil prices to continue to fall.
Gold for June delivery declined $1.10 to settle at $1,135.80 an ounce on the Comex division of the New York Mercantile Exchange.
Concern about Goldman Sachs’ fraud case soured appetite for the yellow metal but the contract, like oil, came off intraday lows, as buyers moved back in towards the end of the session.
Gold prices were hammered on Friday as news broke that hedge fund and big gold investor Paulson & Co was named, but not charged, in the complaint against Goldman.
