Oil prices declined on concerns over the global oil oversupply. There are no signs for an emergency meeting to stabilise the oil market.

Venezuela's oil minister Eulogio Del Pino and Saudi Arabia's oil minister Ali al-Naimi met on Sunday. Both oil ministers said that the meeting was positive.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 31 rigs to 467 last week. It was the biggest drop since April 2015 and the lowest level since March 2010.

Combined oil and gas rigs declined by 48 to 571.

WTI crude oil for March delivery declined to $30.51 a barrel on the New York Mercantile Exchange.

Brent crude oil for March fell to $33.68 a barrel on ICE Futures Europe.

Gold price rose on increasing demand for safe-haven assets as global stock markets dropped due to concerns over the weak global economic growth and falling oil prices.

According to the People's Bank of China (PBoC), China's gold holdings rose by 0.9% to 57.18 million ounces in January from 56.66 million ounces in December.

The central bank's gold holdings climbed by 7.2% since July 2015. The PBoC announced last July that the country's holdings jumped 57% since 2009.

SPDR Gold Trust's holdings increased 0.7% to 698.46 tonnes on Friday.

March futures for gold on the COMEX today increased to 1196.30 dollars per ounce.

According to the People's Bank of China (PBoC), China's gold holdings rose by 0.9% to 57.18 million ounces in January from 56.66 million ounces in December.

The central bank's gold holdings climbed by 7.2% since July 2015. The PBoC announced last July that the country's holdings jumped 57% since 2009.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 31 rigs to 467 last week. It was the biggest drop since April 2015 and the lowest level since March 2010.

Combined oil and gas rigs declined by 48 to 571.

According to data released by the People's Bank of China (PBoC) on Sunday, China's foreign-exchange reserves declined by $99.5 billion to $3.23 trillion in January, after a drop by $107.9 billion in December. It was the lowest level since 2012.

West Texas Intermediate futures for March delivery climbed to $31.14 (+0.81%), while Brent crude rose to $34.41 (+1.03%) in thin trade on Monday, when most Asian markets were closed due to the Lunar New Year holiday. Market participants are waiting for U.S. crude oil inventories data and Fed Chairwoman Janet Yellen's testimony on Wednesday.

Oil ministers from Saudi Arabia and Venezuela met on Sunday; however the meeting did not result in any agreement. Nevertheless Venezuela's Oil Minister Eulogio Del Pino called the meeting "productive".

Gold is currently at $1,165.60 (+0.68%). The precious metal gave up some of its recent gains as a strong jobs report suggested that the Federal Reserve could still raise rates in March. Nevertheless weak stocks and dovish trend among central banks of other countries continue supporting gold.

Holdings of SPDR Gold Trust, the largest gold-backed exchange-traded-fund, rose by 0.70% to 698.46 tonnes on Friday.

(raw materials / closing price /% change)

Oil 31.00 +0.36%

Gold 1,174.10 +1.42%