OIL and GOLD CLOSE Summary: January 22, 2010

Crude futures retreated with the equities market Friday, as commodities traders continued to show concern over China’s attempts to curb lending. In addition, the oil pits remained shaken after Thursday’s inventories report, which indicated that domestic gasoline stockpiles jumped to a two-year high last week. By the close, March-dated crude gave up $1.54, or 2%, to settle at $74.54 per barrel, the lowest closing price for a front-month contract since Dec. 22. For the week Oil gave up 4.7%.

Similarly, gold futures also slumped to a one-month low today, as fear about Chinese lending dampened the metal’s appeal as an inflationary hedge. Not even renewed weakness in the U.S. dollar could bolster the precious metal, with the greenback paring recent gains against its foreign rivals. Gold for February delivery shed $13.50, or 1.2%, to finish at $1,089.70 an ounce, breaching round-number support in the $1,100 region. For the week, the front-month contract was 2.4% lower.