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After clawing its way back above $75 a barrel on Thursday for the first time in four weeks, the benchmark oil futures contract fell back again on Friday on news of an unexpected decline in retail sales in the U.S.

World oil prices edged down in Asian trade Friday mainly after yet another Chinese data, industrial output for May, influenced it negatively. Light sweet crude for July delivery was seen trading at $75.19 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 75.05 a barrel in London.

(Linda Stern is a freelance writer. Any opinions in the column are solely those of Ms. Stern. You can follow Linda Stern's financial notes on Twitter at http://www.twitter.com/lindastern)

Gold prices have surged to the record highs on the Indian commexes hitting Rs.19,198 per ten grams on Multi-Commodity Exchange (MCX) on Tuesday. However, owing to the profit bookings at the upper levels, prices remained weak on Wednesday trading between Rs.18900 to Rs.18999 per ten grams on MCX.

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iPhone maker Foxconn International Holdings said it will seek higher prices from its clients to help offset wage hikes at a plant in southern China that has been hit by a series of suicides.

Fuel prices in India is likely to go up this week as a ministerial panel is considering a Committee report that calls for decontrol of fuel prices. The Empowered Group of Ministers are likely to take decontrol decision which may result in prices to go up by Rs 3.35 per litre, which being the difference between the retail price and imported cost.

World oil prices advanced past the $74 a barrel mark Tuesday mainly after positive results in Chinese factory data that eased concerns on Euro zone worries. Light sweet rude for July delivery was seen trading at $74.35 a barrel at 11.00 a.m Singapore time while Brent crude was at $74.56 a barrel at the same time in London. Analysts said Euro zone economic sentiment unexpectedly fell last month, an indication that the region's debt crisis has begun affecting the real economy.

China's National Development and Reform Commission (NDRC) on Monday slashed gasoline prices by 230 yuan per tonne and diesel prices by 220 yuan per tone. However, NDRC increased onshore domestic gas prices by 24.9 percent to 1,155 yuan ($169.1) per tone per 1,000 cubic metres.

Prudential investors will back the group's bid for AIG's Asian life insurance arm provided it can negotiate a 10 percent cut in the deal's $35.5 billion price tag, the Sunday Times reported.

Brazilian mining company Vale will raise iron ore prices about 35 percent to as much as $145 per metric ton in July as part of a switch to quarterly pricing, a Brazilian newspaper reported on Sunday,

Brazilian mining giant Vale will hike iron ore prices by around 35 percent to as much as $145 per tonne starting in July, a Brazilian newspaper reported on Sunday, without saying where it got the information.

NEW YORK/DENVER - Seeking information on possible price fixing in the digital music marketplace, the U.S. Department of Justice contacted the legal departments of the major record labels as part of an initial inquiry into Apple, sources tell Billboard.

India on Wednesday increased price of natural gas, produced by ONGC and Oil India Ltd, used for industrial purposes at par with the rate of Reliance. The cabinet approved an Oil Ministry proposal to raise the rate of gas sold to power and fertilizer firms from $1.79 per million British thermal unit to $4.20.

Platinum and palladium prices have witnessed a big surge in the recent past following the increased demand from auto sector in China and India. But this surge has hit the auto makers in India in a big way. Due to increased competition in Indian market car makers in India have been witnessing a price war. At that time the steel prices soared and along with that platinum and palladium prices also shot up.

U.S. securities regulators are considering new curbs to slow stock trades when markets are plunging following Thursday's dramatic sell-off, two people familiar with the matter said on Saturday.

Ukraine said it will press for changes in the natural gas price formula fixed by Russia's Gazprom and its Naftohaz Ukrainy national oil and gas company. Ukrainian Prime Minister Mykola Azarov said here, We have agreed that we will work on this, since the formula does not satisfy us.

Finance ministers from east Asian countries on Sunday cited rising global asset prices and inflationary pressures and sovereign debt risks' possible impact on capital inflow as the key risks facing their economies.

Chevron Corp , the second-largest U.S. oil company, reported on Friday a sharp rise in quarterly profit, as oil prices bounced back strongly in the past year, offsetting lower earnings from its refineries.

Royal Dutch Shell Plc continued a run of better-than-expected first-quarter profit rises by the big international oil companies on the back of higher oil prices, and boosted, in its case, by an unexpected return to production growth.

Oil major BP Plc reported a 135 percent jump in first-quarter net profits, compared to the same period in 2009, and beat all forecasts, thanks to higher crude and gas prices.