Crude oil futures traded near a three-month high as speculation that China will take further measures to stimulate economic growth due to signs of weakening demand in the U.S.

Also today it was reported that industrial production growth in China slowed, and inflation reduced the fourth consecutive month, providing more opportunities to boost the economy's second-largest oil consumer in the world. Consumer prices in July rose 1.8% year on year, compared with a gain of 2.2% in June.

The data also showed that U.S. oil consumption declined by 1.1% last week, showing in this first fall in the last four weeks. Against this background, OPEC cut its forecast for oil demand

But despite that, oil production in Iraq has grown by more than 3 million barrels a day last month for the first time since 2003.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX rose to a high of $ 93.85 per barrel.

September futures price for North Sea Brent crude oil mixture increased to $ 112.47 a barrel on the ICE Futures Europe Exchange.

Gold prices have stabilized above $ 1610 per ounce, after declining during the day against the backdrop of the weakening euro and rumors of a possible stimulus measures by central banks of major countries.

Fluctuations in the price of precious metals today was caused by the release of Chinese data, which showed that the level of consumer price inflation fell to a 30-month low in July. In this connection there was the likelihood of further easing of the central bank in connection with the reduction of global economic growth.

Uncertainty over the timing and extent of any action to be taken by the Federal Reserve and European Central Bank to loosen monetary policy affect the price of gold, which this week traded in a narrow range.

The cost of the August futures for gold on COMEX has rose to 1616.7 dollars per ounce, and is now trading at around 1614.2 dollars per ounce.

Change % Change Last

Oil 93.36 +0.01 +0.01%

Gold 1,616.50 +0.50 +0.03%