Oil prices increased more than 4% on speculation that oil production will decline and on a weaker U.S. dollar. The U.S. Energy Information Administration said on Tuesday that oil production was 120,000 barrels a day lower in September than in August.

Comments by OPEC Secretary-General Abdalla Salem el-Badri also supported oil prices. He said on Tuesday that oil prices will rebound due to lower oil investments. el-Badri expects global oil investments to drop by 22.4% this year.

Comments by Russian Energy Minister Alexander Novak still supported oil prices. He said on Saturday that Russia is ready to talks with the Organization of Petroleum-Exporting Countries (OPEC) to discuss oil prices. Novak added that Russia and Saudi Arabia planned a meeting for the end of the month.

Oil prices were also supported by concerns over the escalation of the conflict in Syria. Russia started air strikes against Islamic State targets in Syria on last Wednesday.

WTI crude oil for November delivery rose to $48.40 a barrel on the New York Mercantile Exchange.

Brent crude oil for November climbed to $51.54 a barrel on ICE Futures Europe.

Gold price rose on a weaker U.S. dollar. The U.S. dollar declined after the release of the weaker-than-expected U.S. trade deficit. The U.S. trade deficit widened to $48.33 billion in August from $41.81 billion in July, missing expectations for a rise to $47.4 billion. July's figure was revised down from a deficit of $41.90 billion.

Exports declined 2% in August, while imports increased 1.2%.

The International Monetary Fund (IMF) lowered its global growth forecasts for this year and next. The global economy is expected to expand 3.1% in 2015, down from the previous estimate of 3.3%, and 3.6% in 2016, down from the previous estimate of 3.8%.

December futures for gold on the COMEX today increased to 1150.20 dollars per ounce.

The International Monetary Fund (IMF) said on Monday that China can manage its economic slowdown. The IMF noted should implement effective governance.

"This will require, in particular, hardened budget constraints for both state-owned and private firms, and continued strengthening of the financial supervision framework," the lender said.

The IMF also said that a slowdown in the Chinese economy could have a negative impact on its neighbours.

"Spillovers have been magnified by forces that extend beyond China's border - including falling commodity prices and the prospect of an increase in U.S. interest rates - which could produce downward pressure on Asian neighbours," the lender said.

West Texas Intermediate futures for November delivery slightly climbed to $46.29 (+0.06%), while Brent crude rose to $49.38 (+0.26%) amid hopes for a meeting between world's major oil producers.

Russian Energy Minister Alexander Novak told the Sochi-2015 international investment forum October 3 that Russia is ready to discuss oil markets with the Organization of the Petroleum Exporting Countries. However for now there is no information about a confirmed meeting.

Investors are also cautious ahead of U.S. inventory data. Some analysts believe that crude inventories rose further, because refinery activity decreased (89.8% last week compared to 91% in the week before).

Gold retreated to $1,136.50 (-0.10%), but stayed near a one-week high amid expectations that weak jobs data and recent reports, which also missed expectations, will prevent the Federal Reserve from raising interest rates in 2015. Analysts also said that in the near future bullion might decline due to profit taking after Friday's 2.2% gain.

SPDR Gold Trust, the biggest gold-backed exchange-traded fund in the world, reported a small outflow of 0.22 tonnes on Monday (the first outflow in two weeks).

(raw materials / closing price /% change)

Oil 46.20 -0.13%

Gold 1,135.10 -0.22%