Oil continues to falter in early morning trade amid persisting concerns about the global economic outlook dampening crude demand. The energy market is also facing selling pressure as the U.S. Department of Energy reported Wednesday that stockpiles rose more than expected. Gold, on the other hand, is gaining ground as investors turn to the yellow metal once again as a safe haven from riskier assets such as equities. Still, gold could face selling pressure should overall commodities prices continue to fall as investors are likely to cash in on their precious metal holdings to cover losses elsewhere. At 0755 ET, Brent crude is 1.4% weaker at $76.52 a barrel, while light sweet crude is down 1.0% at $77.23 a barrel, and natural gas is largely flat at $4.33 a million British thermal units. Gold is up 0.7% at $1,208.00 an ounce, while silver is up 0.4% at $17.97 an ounce, and copper is up 0.2% at $3.26 a pound. Dana Petroleum plc (DNX) said that it cannot back a $2.7 billion takeover offer from Korea National Oil Corp, which will not raise its proposal. The state-owned Korean group had bid for the British explorer on the North Sea and Africa last month. In a statement, Dana said it declined Aug. 9 to sign a non-disclosure agreement without the board's backing. Cairn Energy plc (CRNCY) is in discussion with Vedanta Resources plc (VED) over the sale of its 62% stake in Cairn India Ltd. The companies stated, however, that discussions still continue and there is no certainty that an acquisition will occur. In the mining sector, AngloGold Ashanti Ltd ( AU ) reported second quarter earnings that exceeded analysts' expectations and projected a rise in third quarter output. The world's third-largest gold miner said the strong performance was due to higher output particularly in South Africa as well as a rise in gold prices.

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