Prices for WTI crude oil rose moderately, while entrenched above $ 50, as new data pointed to the small increase in inventories in Cushing terminal. Meanwhile, Brent crude oil fell slightly, came under pressure OPEC secretary general comments.

Genscape reported that oil reserves in Cushing last week rose by 1.7 million barrels. Increase in reserves was smaller than previously expected. Concern that the capacity of the terminal Cushing exhausted, were not confirmed. "These Genscape show much less significant increase in reserves than previously expected. It seems much more oil out of Cushing to the Gulf Coast than we thought. In storage tanks on the coast of the Gulf of Mexico stock levels high, but there is storage capacity is not as close to the complete exhaustion, as in other parts of the United States, "- said Carl Larry from Frost & Sullivan

As for the statements OPEC secretary general Abdullah al-Badri, he noted that the members of the Organization of Petroleum Exporting Countries should not reduce production to "subsidize" more expensive shale oil. Recall oil prices in recent months have fallen sharply as the Organization of Petroleum Exporting Countries refused to reductions in production, while production rates in the US were the highest in the past more than 30 years, creating an increased level of supply in the world oil market .

Also affected the course of trading forecasts Goldman Sachs. According to a recent report in the short term, oil prices could fall to US $ 40 mark as the world's oil reserves begin to grow again. Falling prices almost 60%, which took place last year, was replaced by a moderate rise in prices in January and February. "While we continue to forecast a decent recovery in demand in 2015, we believe that the consistent weakening of activity, the end of winter and reduced demand due to restocking, will cause a slowdown in demand in the spring," - said the Goldman Sachs.

Market participants also continue to analyze data from Baker Hughes, which showed that the number of drilling oil installations in the US fell by 63 last week to 923, its lowest level since June 2011. Experts note that the shrinking number of drilling rigs in recent months is a sign that in the end the excess supply of oil on the market is reduced.

April futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 50.22 dollars per barrel on the New York Mercantile Exchange.

April futures price for North Sea Brent crude oil mix fell $ 0.52 to 59.30 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold lost previously earned a position at the same time returning to opening levels. Support prices have expectations of the meeting of eurozone finance ministers, who will discuss the proposed economic reforms Greece.

"It seems that the markets are still unable to ignore the situation in Greece," - said Commerzbank analyst Carsten Commodities Fritsch. The expert suggested that the financial condition of the country is more dangerous than previously thought, which means that Greece may require financial assistance earlier than expected.

The rise in prices is constrained by expectations of higher interest rates in the United States, which intensified after the release of a positive report on the labor market. Recall, the report showed that the number of people employed in non-agricultural sectors increased by 295 thousand. In February against expectations at the level of 241 thousand. Meanwhile, the figures for January and December were revised downward - as a whole by 18 thousand .. Unemployment rate, the time down to 5.5% from 5.7% in January. Experts predicted that the rate will drop to 5.6%.

Positive data underlined expectations that the Fed will raise interest rates in the middle of this year. It should be emphasized, after the release of the report, President of the Federal Reserve Bank of Richmond Jeffrey Lacker said he believes the June meeting of the central bank the best time to raise interest rates. Lacker also said that as the economy corresponds to his expectations, he seems to June "prime candidate" for the onset of action and increase short-term interest rates from the current near-zero levels.

Small effect has also statistics on China. It is learned that the trade surplus in January-February was $ 60.60 billion, compared with expectations of $ 7.8 billion and $ 60.0 billion since January. In annual terms, exports grew last month at 48.3%, while imports decreased by 20.5%. Reduction in imports points to the continued weakness in the economy, causing speculation that Beijing policymakers need to take additional measures to stimulate economic growth.

Meanwhile, it became known that the gold reserves in the SPDR Gold Trust fell on Friday to its lowest level in more than a month.

April futures price of gold on the COMEX today rose to 1166.80 dollars per ounce.

Oil traded mixed on Monday with Brent Crude declining by -0.55%, currently trading at USD59.40 a barrel and West Texas Intermediate gaining +0.40% currently quoted at USD49.81.

On Sunday OPEC Secretary-General Abdullah al-Badri said that OPEC members should not lower production as this would only help U.S. producers with their higher-cost shale. Data from Baker Hughes on Friday showed that U.S. rig-numbers further declined.

Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015.Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.

Gold recovered moderately from Friday's selloff but still trades close to 3-month lows. Better-than-expected U.S. jobs data reported on Friday added to expectations that the FED will hike interest rates rather sooner than later sending the precious metal down to intraday-lows not seen since December.

A stronger U.S. dollar and the prospect for higher U.S. rates recently weighed on the precious metal as the precious metal is dollar-denominated and not yield-bearing.

Today Eurogroup meetings will be in the focus where the Eurozone finance ministers meet to discuss on how to proceed with Greece as the proposed list of measures is far from complete, the head of Eurogroup Jeroen Dijsselbloem said on Sunday.

Gold is currently quoted at USD1,174.60, +0,71% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.

(raw materials / closing price /% change)

Oil 49.61 -2.27%

Gold 1,167.90 +0.31%