Oil prices rose on hopes that top oil producers could cooperate to stabilise the oil market. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members could meet to discuss the freeze of the oil production in Moscow on March 20.

The United Arab Emirates' energy minister, Suhail bin Mohammed al-Mazrouei, said on Monday that all oil producer are interested in freezing their production as oil prices are low. That could help to balance the oil market, he added.

Baker Hughes' data also supported oil prices. The oil driller Baker Hughes reported on Friday that the number of active U.S. oil rigs declined by 8 rigs to 392 last week. It was the lowest level since December 4, 2009. The number of gas rigs slid by 5 to 97, the lowest level since 1987.

WTI crude oil for April delivery increased to $37.18 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $40.22 a barrel on ICE Futures Europe.

The cost of oil futures rose significantly, reaching a three-month high, helped by improving global economic outlook and expectations of the market recovery.

Support for oil also have signs of supply reduction. On Friday, Baker Hughes reported that the number of the US oil rigs last week dropped to 392 units, the lowest level since 2009. Reducing the number of units is marked now the eleventh week in a row. At the moment, the number of installations of all types decreased by 69% from its peak in October 1609, 2014. Reducing the number of rigs typically is "bovine" signal to the oil.

Prospects of demand in the world oil market are also improving. On Friday it became known that in February the growth of employment in the United States resumed - the number of jobs outside agriculture rose by 242 000, and the growth of the previous two months was revised upward to 30 000. "Employment growth raises hopes that the growth and, consequently, demand for oil in the country, will continue to grow, "says Michael Poulsen, an analyst at Global Risk Management.

Meanwhile, the Commission on Trade in commodity futures is the United States said that hedge funds and other speculators last week closed bets on falling oil prices, the fastest pace in 10 months amid falling fears that prices could fall to $ 20 a barrel. In the short positions in WTI crude oil decreased by 15% ended March 1 week - up to 150 thousand 718 futures and options.. Positions on the growth of oil prices fell by 753 contracts, resulting in net long positions increased by 24 thousand. 886 contracts.

But analysts warn that the world oil market remains a significant oversupply, prices may well fall back. Meanwhile, Morgan Stanley said that most of the recent rally was due to a decrease of the US dollar. "Thus, prices could continue to rally on the news, and the fall of the dollar, but the upward movement should be limited against the backdrop of large global inventories and hedge positions vendors," analysts said. According to the "bullish scenario," Morgan Stanley, oil prices could recover to an average of $ 90 per barrel in 2020, but Brent is more likely to reach $ 80. Meanwhile, according to the "bearish scenario" of oil will reach $ 65 by 2020.

During this week, traders will focus on the volume of stocks at the warehouses of wholesale trade data in the US, which could again show a slowdown in US production amid concerns about the glut of domestic stocks. Investors will also pay attention to the events surrounding the possible deal between OPEC and its member getters.

WTI for delivery in April climbed to $37.18 a barrel. Brent for April advanced to $40.22 a barrel.

Gold price rose as global stocks declined and as market participants speculated that the Fed could delay its further interest rate hikes.

A weaker the U.S. dollar also supported gold. Market participants continued to eye Friday's mixed U.S. labour market data. According to the U.S. Labor Department's data, the U.S. economy added 242,000 jobs in February, exceeding expectations for a rise of 190,000 jobs, after a gain of 172,000 jobs in January. January's figure was revised up from a rise of 151,000 jobs. The increase was driven by rises in health care and social assistance, retail trade, food services and drinking places, and private educational services. The U.S. unemployment rate remained unchanged at 4.9% in February, the lowest level since February 2008, in line with expectations. Average hourly earnings dropped 0.1% in February, missing forecasts of a 0.2% gain, after a 0.5% rise in January.

April futures for gold on the COMEX today rose to 1266.30 dollars per ounce.

Gold moderately increased in price today, returning to 13-month high, which was associated with the fall of the global stock and decrease the chances of increase in the Fed's interest rate.

Although Friday's US data showed that employment in the non-agricultural sector increased by a significant 242 thousand., Drop the average wage may mean that the Fed is in no hurry to raise interest rates. Recall, low interest rates encourage investors to invest in interest-free and safe assets such as gold.

"Until now, the gold rally was based on a reassessment of the terms increase of FRS rate. Now the market believes that the rate hike will be delayed for some time, in contrast to the expectations at the beginning of the year, the Fed may again raise rates in March," said an analyst at Danske Bank Jens Pedersen. This year, gold has jumped in price by almost 18%, as investors turned to the shelter in the conditions of increased volatility in the financial markets.

In the course of trading is also affected by expectations of Fed speeches. At 18:00 GMT US Deputy Treasury Leil Brainard will speak at the conference of the Institute of international banking business with a speech entitled "Economic Perspectives, liquidity and stability." In addition, Fed Vice Chair Stanley Fischer will deliver a speech entitled "Reflections on Macroeconomics: Then and Now" at the conference of the National Association of the economy and businesses.

Inflows into exchange-traded funds (ETFs) fell slightly on Friday, but remained at a level of multi-year highs. Gold reserves in the largest investment fund SPDR Gold Trust reached 793.1 tons, the highest since September 2014.

Meanwhile, the Commodity Futures Trading Commission said: this week on March 1 hedge funds and money managers cut their bullish bets on gold, which was recorded for the first time since mid-January.

Gold futures for April delivery rose to $1241,40 per ounce.

According to data released by the People's Bank of China (PBoC) on Monday, China's foreign-exchange reserves declined by $28.57 billion to $3.20 trillion in February, after a drop by $99.5 billion in January. It was the lowest level since December 2011, and the fourth consecutive monthly decline.

Saudi Arabian Foreign Minister Adel al-Jubeir said on Saturday that the country was not ready to lower its oil output, while other oil producers would increase their oil production.

"Our view is market forces determine the price of oil and we will maintain our market share and markets will recover," he said.

China's Premier Li Keqiang said at the National People's Congress over the weekend that the government forecasted the Chinese economy to expand 6.5% - 7.0% this year. The economic growth in 2016 - 2020 is expected to be not less than 6.5%.

"This is the crucial period in which China currently finds itself and during which we must build up powerful new drivers in order to accelerate the development of the new economy," he said.

The government plans to invest $120 billion in railway construction and $240 billion to build roads. The government also plans to create 50 million jobs.

Oil tanker "Monte Toledo" from Iran, carrying 1 million barrels of Iranian oil, arrived in Europe on Sunday. It was the first time since sanctions were lifted off.

Tanker arrived at the refinery near Algeciras, southern Spain.

The oil driller Baker Hughes reported on Friday that the number of active U.S. oil rigs declined by 8 rigs to 392 last week. It was the lowest level since December 4, 2009.

The number of gas rigs slid by 5 to 97, the lowest level since 1987.

Combined oil and gas rigs decreased by 13 to 489.

(raw materials / closing price /% change)

Oil 36.33 +1.14%

Gold 1,260.10 -0.83%