Oil has risen slightly during today's trading, registering with the third-session increase in a row, which was due to statements by OPEC.

Representatives of the Organization of Petroleum Exporting Countries (OPEC) reported that demand for oil cartel will grow this year against the background of reduction in the rate of production growth in the US, which proves the correctness of the chosen company policy to reduce prices for the suppression of competition and a recovery in demand for oil. In November, OPEC supply in Saudi Arabia, the largest oil cartel decided to keep in force the previous limit of production, since the protection of the organization's market share has become a higher priority compared to the maintenance of oil prices. According to the monthly report of the OPEC cartel's oil demand in 2015 will grow by about 110,000 barrels per day to 29.2 million barrels a day. Previously, the forecast was adjusted in the direction of growth in demand for 400,000 barrels per day. Before that OPEC had expected a decline in demand for oil cartel about 300,000 barrels a day this year.

Also, market participants drew attention to US data. As we learned from the report oilfield services company Baker Hughes, the number of drilling rigs operating in the US last week fell by 83 percent to 1,140 units, which is the lowest since December 2011.

"Reducing the number of drilling rigs in itself is a factor that plays into the hands of the" bulls "- said a senior analyst at the commodity market in the SEB AB Bjarne Shildrop. - Maybe wait for the rally of oil prices is somewhat premature."

"OPEC forecast data and Baker Hughes enhance investors' optimism - said a senior analyst at Tradition Energy Gene MakDzhillian. - I do still not sure whether we are seeing a short-term correction of quotations or the bottom has been reached."

Meanwhile, in the course of trade affected by reports that Saudi Chevron division reduced oil production in Kuwait Wafra field with 225 thousand. B / c last October to 180 thousand. B / c because regulators countries have stopped issuing new permits and renew old to work for the company's employees.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 53.33 dollars per barrel on the New York Mercantile Exchange.

March futures price for North Sea petroleum mix of Brent rose $ 0.13 to $ 58.27 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose moderately, departing from the three-week low, due to the decline in European stock markets and the uncertainty associated with Greece. Experts point out that the focus of markets continues to be Greece and the related political uncertainty, as Greek Prime Tsipras continues to seek a review of the debt agreements. On Wednesday, the euro zone finance ministries will discuss the situation of Greece, and markets will be hard to expect the results of this meeting.

"Three months before the FOMC meeting gold acted as a safe haven because of concerns about Greece, but now the emphasis has shifted again to the United States, namely, the timing of the Fed raising interest rates - said Citi analyst David Wilson, referring to the meeting of FOMC, which took place last month. - it is expected that gold prices will continue to decline as the market is not very concerned about the influence of Greece to the rest of Europe at the moment. "

The course of today's trading also influenced the data for China, showing that trade surplus in January rose to $ 60.03 billion, compared with $ 49.61 billion a month earlier. Analysts had forecast a surplus of $ 49.0 billion. The record surplus in the balance of foreign trade in the last month was recorded on a background of a maximum of more than five years, the fall in imports. The volume of imports fell by 19.7% compared with January 2014 due to lower commodity prices and weak domestic demand. Oil imports decreased by 41.8%, iron ore - by 50.3%, coal - by 50.3%. China reduced imports from all regions, which are its major trading partners, including the European Union and the United States

As for the situation in the physical market, the margins in China rose to $ 05.04 per ounce from less than $ 4 on Friday, as the drop in prices last week attracted new buyers. Chinese consumers are buying gold on the eve of the New Year according to the lunar calendar, but just before the holiday demand falls, traders said. "As the Chinese New Year is already there (celebrated on February 19-20), purchase substantially completed, and you should not expect seasonal support from the Chinese market," - said an analyst at Phillip Futures Howie Lee.

March futures price of gold on the COMEX today rose to 1240.40 dollars per ounce.

The Organization of the Petroleum Exporting Countries (OPEC) said on Monday that oil demand will be 29.2 million barrels a day this year, a rise of about 100,000 barrels a day compared with last year.

OPEC lowered its estimate for non-OPEC supply growth in 2015 by about 400,000 barrels a day.

Falling oil prices have forced international oil companies to cut their expenditure.

Oil price has rebounded in the past two weeks.

OPEC expects that global oil demand will rise by 1.17 million barrels a day in 2015 to 92.32 million barrels a day.

Oil prices added in today's trading. Brent Crude rose by +0.38%, currently trading at USD58.02 a barrel almost flat. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. Brent rose more than 9% last week, its biggest rise in a week since 2011. West Texas Intermediate rose by +1.22% currently quoted at USD52.32. Oil prices dipped on disappointing data Chinese trade data fuelling concerns over an economic slowdown.

Worldwide supply still exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share. Rising U.S. stockpiles are contributing to a global glut that drove prices almost 50 percent lower last year. Supply will exceed demand by 2 million barrels a day in the first half of 2015, said Iranian Oil Minister Bijan Namdar Zanganeh.

Gold pauses Friday's slump to three-week lows and is trading higher today as the hefty decline spurred physical demand. Physical purchases were also driven by the upcoming Lunar New Year in China. On Friday the better-than-expected jobs data fuelled expectations that the FED is going to hike interest rates rather sooner than later, weighing on the price of the precious metal as higher interest rates make gold less attractive as the metal is not yield-bearing. A stronger greenback recently weighed on the dollar-denominated precious metal as it makes it more expensive for holders of other currencies.

Today the precious metal was sought after as safe-haven asset on renewed concerns over the developments in Greece. Over the weekend Greek Prime Minister Alexis Tsirpas ruled out any extension of the international bailout and reaffirmed that he will stick to his plan to roll back austerity measures. On late Friday Standard and Poor's downgraded Greece from B- to B, only one notch higher than "default" and kept the outlook for Greece negative. S&P warned that time is running out for Greece to reach an agreement.

The precious metal is currently quoted at USD1,240.90, +0,52% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.

BLOOMBERG

Greece Reaffirms Rejection of Bailout Before Emergency EU Meeting

(Bloomberg) -- Prime Minister Alexis Tsipras reaffirmed his government's rejection of Greece's international bailout program before Wednesday's emergency meeting of the euro area's finance ministers to discuss the country's financing needs.

"We need an honest negotiation with our partners that does not condemn the Greek economy and society to unending recession," Tsipras, 40, said in an address to parliament on Sunday, marking the start of a three-day debate on his government's policy platform.

The leader of Greece's anti-bailout governing coalition vowed to increase the minimum wage, restore the income tax-free threshold, halt infrastructure privatizations, and ask for World War II reparations from Germany, in a speech that sets him on a collision course with the country's creditors.

Source: http://www.bloomberg.com/news/articles/2015-02-08/tsipras-plans

REUTERS

Oil dips after weak Chinese trade data

(Reuters) - Brent crude oil prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world's biggest energy consumer, outweighing news of falling U.S. oil rig counts and healthy U.S. economic growth.

Global benchmark Brent crude oil for March was down 10 cents at $57.70 a barrel by 0748 GMT (2.48 a.m. EST) after rising as high as $59.06 earlier in the session. U.S. crude was at $51.87 a barrel, having hit a session high of $53.40.

Prices dipped as China's trade performance slumped in January, with exports falling 3.3 percent from year-ago levels while imports tumbled 19.9 percent, far worse than analysts had expected and highlighting a deepening slowdown.

Source: http://www.reuters.com/article/2015/02/09/us-markets-oil-idUSKBN0LD01P20150209

REUTERS

BoE's Carney says worried about financial reform fatigue globally

(Reuters) - Bank of England Governor Mark Carney said on Monday he was worried about financial reform fatigue globally, ahead of a meeting of G20 finance ministers and central bankers.

"I worry about reform fatigue, not surprisingly, both at the FSB (Financial Stability Board) and more generally," Carney said at an Institute of International Finance meeting.

"Many of the toughest reforms are micro reforms that can have big political coalitions against them and have payoff very far into the future," he said.

Carney said that although the financial system was less likely to amplify initial shocks than in 2008, there was no room for complacency about its resilience.

Source: http://www.reuters.com/article/2015/02/09/us-g20-carney-idUSKBN0LD0KH20150209

(raw materials / closing price /% change)

Light Crude 51.69 +0.96%

Gold 1,234.60 +0.80%