Oil prices rose as the positive economic data from the Eurozone offset concerns over a slowdown in the Chinese economy. China's crude oil imports dropped 13% in August, while exports plunged 33%, according to Chinese customs data.

Eurostat released its revised GDP data today. Eurozone's revised gross domestic product (GDP) rose 0.4% in second quarter, up from the preliminary reading of a 0.3% increase, after a 0.5% gain in the first quarter. The first quarter's reading was revised up from a 0.4% rise.

On a yearly basis, Eurozone's revised gross domestic product (GDP) increased 1.5% in second quarter, up from the preliminary reading of a 1.2% gain, after a 1.0% rise in the first quarter.

Destatis released its trade data for Germany on Tuesday. Germany's seasonally adjusted trade surplus climbed to €22.8 billion in July from 22.1 in June.

Exports increased at a seasonally and calendar-adjusted 2.4% in July, while imports rose 2.2%. These were the highest seasonally adjusted monthly readings ever calculated both for exports and for imports, according to Destatis.

The oil driller Baker Hughes reported that the international rig count for August. The number of rigs rose by 19 to 1,137 in August from 1,118 counted in July.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data on Wednesday, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Thursday.

WTI crude oil for October delivery rose to $46.08 a barrel on the New York Mercantile Exchange.

Brent crude oil for October increased to $49.41 a barrel on ICE Futures Europe.

Gold price increased slightly as the U.S. dollar traded lower in the absence of any major economic reports from the U.S.

The situation regarding the interest rate hike by the Fed remained unclear. 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. 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.

Analysts expect gold to trade mixed ahead of the release of the Fed's interest rate decision next week.

October futures for gold on the COMEX today rose to 1121.20 dollars per ounce.

The Chinese Customs Office released its trade data on Tuesday. China's trade surplus rose to $60.24 billion in August from $43.03 billion in July, beating expectations for a rise to a surplus of $48.20 billion.

Exports fell at an annual rate of 5.5% in August, while Imports slid at an annual rate of 13.8%, the tenth consecutive decline.

U.S. shale oil producers lost more than $30 billion in the first half of 2015 due to a drop in oil prices. According to data from Factset, U.S. independent oil and gas companies recorded cash outflow at about $32 billion in the six months to June.

The aggregate net debt of U.S. oil and gas companies jumped to $169 billion by June 2015 from $81 billion at the end of 2010, according to Factset.

"The capital markets have been so strong and so open for these companies that a lot of them were able to raise a lot of debt," said Terry Marshall, Moody's Senior Vice President.

West Texas Intermediate futures for October delivery fell to $44.49 (-3.39%), while Brent crude climbed to $47.99 (+0.76%). Prices of U.S. crude have weakened since the closure of the largest crude distillation unit at Exxon Mobil Corp's refinery. Brent crude was not affected by this event. U.S. markets were on holiday on Monday.

Meanwhile Woodside Petroleum, Australia's biggest independent oil and gas producer, has made a $8.1 billion bid for Oil Search counting on future growth. If successful this deal would give Woodside a 29% stake in Oil Search's PNG Liquefied Natural Gas project. This would be a project of great vitality considering low oil prices around the globe.

Gold is currently at $1,119.90 (-0.13%) near a 2-1/2-week low as an imminent interest rate hike in the U.S. weighs on the non-yielding metal. Some analysts still expect a rate hike at a meeting on September 16-17 when Fed policymakers meet next.

China's trade surplus came in at $60.24 billion in August beating expectations for $48.2 billion. Exports fell by 5.5% y/y compared to -8.3% reported previously and -6.0% expected. At the same time imports fell by 14.3% in August compared to -8.1% in July. Imports missed expectations too. There's more data on the world's second-biggest economy coming this week. Investors will watch it to assess strength and prospects of the global economy.

(raw materials / closing price /% change)

Oil 44.52 -3.32%

Gold 1,119.10 -0.21%