World oil prices regained upward momentum after a heavy bout of midweek profit-taking.
However, prices have eased from a recent U.S. record of $41.85 as the Organization of the Petroleum Exporting Countries considers an increase in output limits at a meeting in Beirut on June 3.
On the New York Mercantile Exchange, July crude <CLN4> rose 44 cents at $39.88 a barrel.
In New York, COMEX gold prices fell, after several sessions of gains, succumbing to profit-taking.
"If you were long, you had a good week," said a gold trader at a commercial bank, noting that gold experienced a "solid $20 rally" from the 2004 low in early May. "So it's a technical recovery, and markets are giving a little bit back with the dollar firming moderately."
August gold <GCM4> settled down $1.20 at $394.90 an ounce. Overnight, the contract hit a one-month high at $398 and there was buying on the way down to $393.50. (Reporting by Vivian Chu, Chris Reese, Daniel Bases, Alden Bentley; Sujata Rao and Marie Maitre in London; and Risa Maeda in Tokyo)
Copyright 2004, Reuters News Service
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