Oil futures fell by about 1%, losing previously-earned positions, move coused by concern about the world's largest oil reserves.

"The fundamental background in the oil market is still bearish, - said Commerzbank analyst Carsten Fritsch -. Every increase in prices driven by speculation and optimism, not the actual tightening of supply of raw materials."

Yesterday the US Department of Energy reported the first increase in oil reserves for six weeks. The report showed that commercial crude oil inventories for the week ended October 7 rose by 4.9 million barrels, or 1% - to 474 million barrels. Analysts had expected the index to increase by 1.75 million barrels. However, gasoline stocks in the US for the week fell by 1.9 million barrels, or 0.8% - to 225.5 million barrels. Analysts expect that figure will be reduced only by 1.5 million barrels. Distillate stocks fell by 3.7 million barrels, or 2.3% - to 157 million barrels. Experts forecast a decline of 1.6 million barrels.

Some support has recently voiced OPEC's plan, the purpose of which is to reduce oil production to 32,5-33 million barrels for balancing supply and demand, and to support prices.

Investors are also preparing for Baker Hughes data on the number in the US rig. Recall, according to the results of October 7, the number of drilling rigs in the country has increased by 2 points, or 0.38%, to 524 units. The number of oil rigs has increased by 3 units, or 0.7%, to 428 units, that is, up to February's highs. The number of gas-producing plants has decreased by 2 points, or 2.08%, and amounted to 94 units.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 49.98 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum Brent fell to 51.61 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold fell slightly, approaching to a7 October low, helped by the widespread strengthening of the dollar, as well as positive US data on retail sales and producer prices.

The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.4%. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.

"We're in the middle of one of the largest movements associated with the Fed - we saw the rise of almost $ 100 in June and July, and are now seeing a decrease of $ 100 in September and October, as the markets see a high chance of raising the Fed's interest rate in the coming months - said Hamza Khan, senior strategist at ING Hamza Khan.

According to the futures market, the likelihood of a Fed Hike in December is 65.5% compared with 65.1% the previous day. As is known, higher rates tend to have a downward pressure on gold.

As for the data, the US Census Bureau reported that the preliminary estimates of retail sales and food service in the US in September, adjusted for seasonal variations and trading-day differences amounted to $ 459.8 billion, an increase of 0.6 percent compared to the previous month and were up 2.7 percent (± 0,9%) higher than in September 2015. Total sales for the period from July 2016 for September 2016 increased by 2.4 percent (± 0,5%) compared with the same period a year ago. During the period from July 2016 to August 2016 percent change was revised from 0.3 percent to 0.2 percent.

Gold reserves in the largest investment fund SPDR Gold Trust rose on Thursday by 0.28 percent, reaching the level of 961.57 tons.

The cost of the October futures for gold on COMEX rose to $ 1251.0 per ounce.

This morning, New York futures for Brent rose by 0.73% to $ 52.41 and crude oil futures for WTI rose in price by 1.17% to $ 51.3 per barrel. Thus, the black gold is trading in the green zone on the background of limited supply in the US market. Energy Information Administration (EIA) reported yesterday that distillate inventories fell by 3.7 million barrels to 157.0 million, while gasoline inventories down 1.9 million barrels to 225.5 million barrels.