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Crude Oil Is Weak, Market Caution Supports Gold

Val Kensington
Crude Oil Is Weak, Market Caution Supports Gold

Crude oil declined sharply last week and broke the three-week losing streak. Carrying forward the weakness, crude oil closed lower on Monday and was trading at six-week low price levels in the early hours on May 29. Crude oil maintained the weakness on Monday amid a surge in US oil rigs, as reported by Baker Hughes at the end of last week.