During the day, oil prices rebounded from four-month low after data showed that the number of initial claims for unemployment benefits in the U.S. unexpectedly fell and Greek lawmakers approved a package of austerity measures, which are necessary to obtain additional financing.

Futures rose 1.5%, since the Department of Labor said the number of applications for unemployment benefits fell by 8,000 to 355,000 level last week, while analysts expect that figure will rise to the level of 365,000.

We also learned that the Greek parliament passed a bill on pensions, wages and cuts.

However, despite this significant growth, oil prices have fallen sharply, and now fluctuate slightly above zero.

Note that the data released today showed that consumer confidence rose last week, and reached its highest level in more than four years. At the same time, consumer comfort index rose to -34.4 for the period, which ended on November 4, while showing the best result since April.

Also today, the European Central Bank President Mario Draghi said that the economic outlook is deteriorating, and the bank is ready to step up its program to purchase bonds if the Greek government has met the necessary conditions.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 84.77 dollars a barrel on the New York Mercantile Exchange.

December futures price for North Sea petroleum mix of mark Brent rose $0.50 to 107.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices traded today near the level of $ 1715 an ounce, as investors shifted focus from re-election of President Barack Obama to "fiscal cliff" in the U.S., as well as the crisis in the euro area, in total has depressed the euro to two-month low against the dollar

Fears of a "fiscal cliff" support the price of gold, which is an asset-save, but at the same time strengthening dollar is putting pressure on prices, making the precious metal more expensive for buyers who use other currencies.

In the long term, gold may benefit from uncertainty about the impending "fiscal cliff", which can cause a reduction in spending and tax increases totaling $ 600 billion, and "drive" the U.S. economy into a deep recession.

Analysts say that is a key resistance level for gold is $ 1,730, a break of which may cause an increase to $ 1,750, and then $ 1800.

Note also that the demand for gold in India among importers remained weak against the fact that the weak rupiah kept prices close to their highest level in a month. Recall that the festival season in India will reach its peak in the next week, and will continue until December.

At the same time, demand for gold in China is expected to grow by 1% this year, reaching a record high with 860 tons, as the sale of jewelery and investment sales are rising. This increase means that China will overtake India as the world's largest consumer of gold for the first time on an annual basis.

December futures price of gold on the COMEX is now 1716.80 an ounce.

Change % Change Last

Oil $84.70 +0.26 +0.31%

Gold $1,718.80 +4.80 +0.28%