(raw materials / closing price /% change)

Oil 51.16-0.37%

Gold 1,261.40+0.08%

Brent prices rose sharply, reaching mid-October 2015 highs, as Russia said it was ready to join a proposed deal to limit oil production in an attempt to stop the fall in prices. Quotes of WTI crude also increased significantly, reaching the highest level in four months.

Russian President Vladimir Putin said that the freezing of production or even a reduction in oil production is likely to be the only right decision to maintain the stability of the energy sector. "Russia is ready to join the joint measures to limit production, and calls on other oil-exporting countries followo t this example", - said Putin, speaking at the World Energy Congress in Istanbul.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 51.36 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of Brent crude rose to 53.30 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold has risen in price moderately after the biggest drop recorded in the last week of November 2015. Support for precious metal had increased demand for safe-haven assets due to the uncertainty regarding the upcoming elections in the United States.

Analysts say that the candidate of the Republican Party, Trump, at debate on Sunday was better than expected. However, according to preliminary surveys, the probability of Clinton's victory increased markedly. Heigh probability of Clinton's victory stabilizes markets, and on the other hand, when there is the probable victory of Trump's there is much more uncertainty about the future of American foreign policy, trade, economics, and even the Fed.

In addition, the Commodity Futures Trading Commission said that last week hedge funds and money managers cut their net long positions in gold to a four-month low. However, the gold reserves of the largest investment fund SPDR Gold Trust rose on Friday to 11.3 tonnes, recording the highest daily gain since early July.

The cost of the October futures for gold on the COMEX fell to $ 1260.1 per ounce.