Oil price settles at $48.38

Oil prices took a breather from its recent upward trend, and the NYMEX U.S. light crude oil for the February series settled at $48.38 a barrel, off its early highs of $49.50 per barrel. The London Brent crude was up 31 cents at $45.07 a barrel.

In the metal segment, the COMEX gold rose 50 cents to close at $423.50 an ounce.