Oil prices fell on concerns over a slowdown in the Chinese economy. China's National Bureau of Statistics (NBS) revised its gross domestic product (GDP) on Monday. The Chinese economy expanded 7.3% in 2014, down from a 7.4% growth reported earlier. It was the lowest growth since 1990.

The downward revision was driven by a weaker rise in the services sector than previously reported.

According to data released by the People's Bank of China PBoC), China's foreign-exchange reserves declined by $93.9 billion to $3.56 trillion at the end of August, compared with $3.65 trillion in July. Currency reserves have been falling from $3.99 trillion in June 2014.

The recent decline is the result of the central bank's intervention to stop to stop the yuan fall and to limit capital outflows from the country.

U.S. markets are closed for the Labour Day holiday today.

Concerns over the global oil oversupply also weighed on oil prices. Oil ministers from the Gulf region will meet this week in Qatar. The Gulf Cooperation Council (GCC) includes Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. The recent oil price decline is not on the agenda.

The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 13 rigs to 662 last week. It was the first fall in seven weeks.

WTI crude oil for October delivery declined to $44.52 a barrel on the New York Mercantile Exchange.

Brent crude oil for October fell to $47.86 a barrel on ICE Futures Europe.

Gold price slightly decreased as market participants continued to eye the U.S. labour market data. The U.S. Labor Department released the labour market data on Friday. The U.S. economy added 173,000 jobs in August, missing expectations for a rise of 220,000 jobs, after a gain of 245,000 jobs in July. July's figure was revised up from a rise of 215,000 jobs.

The U.S. unemployment rate dropped to 5.1% in August from 5.3% in July, exceeding expectations for a decline to 5.2%. It was the lowest level since April 2008.

Average hourly earnings rose 0.3% in August, beating forecasts of a 0.2% gain, after a 0.2% increase in July.

U.S. markets are closed for a public holiday today.

October futures for gold on the COMEX today fell to 1118.30 dollars per ounce.

The CEO of Russian oil company Rosneft, Igor Sechin, said at the FT Commodities Retreat in Singapore that Russia does not want to join the Organization of the Petroleum Exporting Countries (OPEC).

"OPEC has lost its influence as a key market regulator, no interest for Russia to join," he said.

According to data released by the People's Bank of China PBoC), China's foreign-exchange reserves declined by $93.9 billion to $3.56 trillion at the end of August, compared with $3.65 trillion in July. Currency reserves have been falling from $3.99 trillion in June 2014.

The recent decline is the result of the central bank's intervention to stop to stop the yuan fall and to limit capital outflows from the country.

Oil ministers from the Gulf region will meet this week in Qatar. The Gulf Cooperation Council (GCC) includes Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman. The recent oil price decline is not on the agenda.

Saudi Arabia, Kuwait, Qatar and UAE are the OPEC members, while Bahrain and Oman are non-OPEC members.

Venezuelan President Nicolas Maduro said on Saturday that he said to the Emir of Qatar OPEC members should meet to discuss how to defend oil prices.

Earlier last week, Maduro said in an interview with RT that he and Russian President Vladimir Putin "had worked out a number of initiatives aimed at stabilizing the oil market".

The People's Bank of China (PBoC) Governor Zhou Xiaochuan said at G20 summit on Friday that there is no reason for the yuan to fall further.

Zhu Jun, head of the international department at the PBoC, noted that the yuan devaluation was not an attempt to gain an advantage over other exporters. He added that the Chinese government expected the market turbulence in China to be "pretty close to the end".

Chinese Finance Minister Lou Jiwei said on Friday that he expects China's economy to expand about 7% for the next four or five years.

The U.S. Treasury Secretary Jacob Lew said at G20 summit on Friday that China should refrain from competitive devaluation.

"China should allow its exchange rate to reflect underlying fundamentals, avoid persistent exchange rate misalignments, and refrain from competitive devaluation," he said.

China's National Bureau of Statistics (NBS) revised its gross domestic product (GDP) on Monday. The Chinese economy expanded 7.3% in 2014, down from a 7.4% growth reported earlier. It was the lowest growth since 1990.

The downward revision was driven by a weaker rise in the services sector than previously reported. The services sector rose by 7.8% in 2014, down from the previous estimate of a 8.1% increase.

The agriculture sector grew 4.1% in 2014, while the secondary sector increased by 7.3%.

China's economy expanded 7% in the first half of 2015.

West Texas Intermediate futures for October delivery fell to $45.63 (-0.91%), while Brent crude declined to $49.10 (-1.03%) after a weaker-than-expected nonfarm payrolls number (173,000 vs 220,000) added to concerns over global economic weakness. Meanwhile supply glut issues persisted. Eurozone GDP data for the second quarter due Tuesday might provide further clues for price direction.

A stronger dollar makes oil more expensive for importers holding other currencies.

Fundamentals remain unfavorable for oil.

Gold is currently at $1,122.10 (+0.06%) near a 2-1/2-week low after mixed jobs data left investors confused about probability of a rate hike by the Federal Reserve this month. Liquidity is likely to be low today with U.S. markets closed for the Labor Day holiday.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported that its holdings declined 0.04% to 682.35 tonnes on Friday.

(raw materials / closing price /% change)

Oil 45.68-0.80%

Gold 1,122.10+0.06%