IBT Staff Reporter

Oil rebounded to top $74 a barrel on Monday on a weaker dollar, but prices stayed close to last week's six-week lows on bulging U.S. inventories and a lack of hurricane activity in the Gulf of Mexico. The market gained support from the weaker U.S. dollar, which makes oil cheaper for holders of other currencies .DXY, and from a firmer start to trading by European equities.

The euro stayed under broad pressure on Monday, hurt by concerns over the euro zone economy which have seen short positions in the single currency extended. The Australian dollar was dented by political uncertainty after an inconclusive general election.

Japanese Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa discussed the yen and agreed to work closely in a phone conversation on Monday, but Kan did not ask the central bank to make any monetary policy changes.

Oil rebounded as much as 0.7 percent to top $74 on Monday on a weaker dollar, but prices stayed close to last week's six-week lows on a combination of lackluster economic indicators, rising risk aversion and a lack of hurricane activity in the Gulf of Mexico.

The U.S. dollar held steady on Monday, retaining most of the gains it made late last week when growing worries about the global economy prompted investors to park funds in the world's most liquid currency, while the Australian dollar slid on political uncertainty.

Gold regained strength on Monday as bargain hunters resurfaced after prices dropped slightly in the previous session, while demand from investors was likely to offset gains in the U.S. dollar. Recent poor data from the United States pointed to a faltering economy, and some investors also ditched the euro on worries of more economic weakness ahead in the euro zone.

Crude oil prices continued their downward spiral during the week as new data confirmed that U.S. economic growth is slowing. The benchmark West Texas Intermediate contract settled 2.6% lower for the week on Friday, at $73.46 a barrel compared to the $75.39 close a week ago, itself a decline of 7% from the previous week.

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Political uncertainty has pushed the Australian Dollar to open this morning at 0.8860 against the US Dollar, sliding as much as 0.8%

The Australian Dollar has opened this morning below 0.8900 after sliding from its Friday close in the US of 0.8940 after the results of the Australian federal election on Saturday that has produced the first hung Parliament in 70 years.

Indian gold market this week witnessed some busy business as the festival season is nearing fast. India will celebrate Raksha Bandhan on August 24 and the southern state of Kerala, which is the largest consumer of yellow metal in India, will celebrate Onam on August 23.

Last week US jobless claims data increased concerns that US may be tipping back to into recession and The Reuters/Jefferies CRB Index of 19 raw materials dropped to the lowest level since July 29, while the dollar advanced. This resulted in weakness in gold, base metals and energy complex. The Baltic Dry Index, a measure of commodity shipping costs, had its biggest two-week gain in 14 months as Chinese iron ore buying extended a surge in charter rates for vessels that carry the steelmaking raw m...

According to an article that accompanies the current edition of the Medical Journal of Australia, there is a positive shift of interest and awareness regarding bipolar disorder primarily due to emerging research and treatments.

Recent research by experts from the Macquarie University reveals doctors are being pressure to give children a diagnosis of behavior problems they probably do not have, in order to get them admitted to special education schools.

According to recent reports received by the Australian Medical Association (AMA), young doctors are consuming energy drinks and caffeine tablets to stay awake during a long stretch of working hours.

Australian researchers have discovered a new protein called OTUB1 that is responsible for blocking DNA repair in cell and help spread a broad range of cancers.

A first of its kind research to find the best treatment approach for anorexia nervosa is to be conducted by Australian scientists.

A one-year prospective cohort study led by Professor Stephen Lord from the Neuroscience Research Australia as NSW University reveals perceived risk of falling influences whether an older individual actually fall regardless of the actual physiological risk.

A drug which has yet to be named developed in Adelaide for the purpose to halt swelling of the brain after major trauma may promise hope to treating spinal injuries in the future.

U.S. government data released on Friday showed employment conditions varied widely from state to state in July, indicating that the economic recovery may not be consistent across the country.

Nearly half of homeowners getting help through the Obama administration's premier housing rescue program have dropped out through July as many failed to document their eligibility, the U.S. Treasury said on Friday.

Fiat boss Sergio Marchionne is heading for a showdown with powerful industrial lobbies as he pushes for more flexible work practices that could lead to a broader shakeup of rules in the Italian car industry.

Mutual funds and other large stockholders may rebalance auto sector holdings after General Motors Co's initial public offering, but day-to-day stock prices are not the main measure of Ford Motor Co's turnaround

The U.S. government proposed major changes on Thursday to the way it works with companies to fight new disease threats such as flu, including reform at the Food and Drug Administration and setting up centers to make vaccines quickly.

Developing countries will bear 60 percent of the world's cancer burden by 2020 and 70 percent by 2030, but are not prepared for the looming crisis, cancer experts warned in a report on Thursday

The number of U.S. movies showing people smoking has declined since 2005, but cigarettes still feature in far too many films and could be influencing young people to take up the habit, according to a report released on Thursday.

More Americans with psychiatric conditions are being treated with drugs alone compared with a decade ago, while talk therapy -- either by itself or in combination with medication -- is on the decline, a new study finds.

Hormone therapy with either estrogen or testosterone might not affect women's thinking and memory skills in the years soon after menopause, hints a new study.