Oil fell as applications for unemployment benefits last week hovered near the highest level of the year, indicating there hasn’t been an increase in commuters using fuel.

Crude for August delivery fell 2.31% to $78.60 a barrel  on the New York Mercantile Exchange.

Gold fell acting more like a risk asset than a safe haven investment, and influenced by pessimistic expectations for a EU summit that is unlikely to yield the magnitude of measures needed to tackle its debt crisis.

Gold futures for August delivery were down 1.07% to $1554.70

Change % Change Last

Gold 1,575 +1 +0.03%

Oil 80.51 +1.15 +1.45%