Oil prices fell on Thursday as gasoline inventories in the United States rose for a fifth consecutive week.

OIL 

Brent crude was rejected from the $70 handle during the week before retreating marginally. Oil prices fell on Thursday as gasoline inventories in the United States rose for a fifth consecutive week. Crude inventories fell by 8 million barrels in the week to April 30 to 485.1 million barrels while gasoline stocks rose by 737,000 barrels in the week. Pandemic-related restrictions in the United States and parts of Europe are easing, but infections are still on the rise in major crude oil importers India and Japan, weighing on prices. The $70-per-barrel mark has acted as a barrier for the market since March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world. In India, the world’s third-largest oil consumer, oil imports in March rose from the previous month, buoyed by an upturn in economic activity, but are expected to drop again because of renewed lockdowns.

GOLD 

Gold attracted some dip-buying earlier in the week and rallied to the $1,800 figure as investors look forward to Friday's closely-watched US monthly employment details for April. On Wednesday, the precious metal bounced back from a Tuesday decline after Treasury Secretary Janet Yellen clarified remarks that had been interpreted as advocating for raising interest rates to keep the economy from overheating. Meanwhile, the US 10 Year Treasury yield appears to have stabilized around 1.6% after hitting recent highs of 1.75%. A decisive move beyond the $1,800 mark will set the stage for a further near-term appreciating move and push the commodity to the $1,815 intermediate hurdle en-route the $1,845-50 resistance zone. Immediate support is now pegged near the $1,780 region.