Oil prices declined as demand for durable goods slid for a second straight month. Crude-oil futures for September delivery declined to $75.90 a barrel.

Venezuela President Hugo Chavez has threatened to cut the South American country’s supply of oil to the US, according to a number of news reports.

Oil went below $77 a barrel Wednesday after a report showed U.S. crude supplies rose unexpectedly last week.

The dollar was uncertain versus other majors on Monday amid a quit day of fundamental data.

Activity in the service sectors of the U.S. economy grew at a slower pace in June, the Institute for Supply Management reported Tuesday.

Oil futures turned lower Wednesday after the Department of Energy reported a surprise increase in crude-oil inventories.

Crude-oil futures fell 3% to trade below $76 a barrel on Tuesday, with under selling pressure global markets.

Gold rallied on Friday by investors looking for refuge from financial market uncertainty and concerns about currency depreciation as the market awaited the outcome of a G20 meeting.

Gold futures struggled to retain gains in Monday as investors quit safe-haven investments in favour of other instruments.

Oil rose toward $76 on Tuesday, drawing support from forecasts of reduced crude stockpiles in the United States.