Oil prices dropped on concerns over the global oil oversupply. Concerns over the slowdown in the Chinese economy also weighed on oil prices. Li Pumin, spokesman for China's National Reform and Development Commission (NDRC), said on Tuesday that China achieved its main economic targets in 2015. The economy likely expanded 7.0% in 2015. Official fourth-quarter and full-year 2015 figures will be released on Monday.

Some OPEC members called for an emergency meeting. But there are no plans for a meeting.

Assem Jihad, a spokesman for the Iraqi Oil Ministry, said on Monday that oil prices will decline further if oil producing countries do not cut oil output. He noted that Iraq plans to cut its oil output to 3.6 million barrels per day from 3.8 million, adding that the country's oil revenues dropped by 70%.

WTI crude oil for February delivery declined to $30.39 a barrel on the New York Mercantile Exchange.

Brent crude oil for February fell to $30.54 a barrel on ICE Futures Europe.

Gold price fell on a stronger U.S. dollar. The U.S. dollar rose against other major currencies on speculation that the Fed will continue to raise its interest rates.

The U.S. Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey (JOLTS) report on Tuesday. Job openings rose to 5.431 million in November from 5.349 million in October. October's figure was revised down from 5.383 million.

Earlier (last week and yesterday), gold was supported by concerns over the slowdown in the Chinese economy.

February futures for gold on the COMEX today fell to 1087.80 dollars per ounce.

The People's Bank of China (PBoC) intervened in the offshore yuan market on Tuesday. The offshore yuan strengthened after the intervention. The price gap against the dollar with the onshore yuan was eliminated. The intervention helped to stabilised the markets.

Li Pumin, spokesman for China's National Reform and Development Commission (NDRC), said on Tuesday that China achieved its main economic targets in 2015. The economy likely expanded 7.0% in 2015 and added 13 million new jobs.

Official fourth-quarter and full-year 2015 figures will be released on Monday.

Assem Jihad, a spokesman for the Iraqi Oil Ministry, said on Monday that oil prices will decline further if oil producing countries do not cut oil output.

"It is necessary to reach an agreement between countries-producers, within the OPEC and other players outside the organization," he said.

Jihad noted that Iraq plans to cut its oil output to 3.6 million barrels per day from 3.8 million, adding that the country's oil revenues dropped by 70%.

West Texas Intermediate futures for February delivery fell to $30.42 (-3.15%), while Brent crude dropped to $30.44 (-3.52%) resetting 12-year lows and suggesting that prices may fall further. Investors continue to panic over Chinese stock turmoil and the recent yuan devaluation, which point to a weaker-than-expected growth of the economy of the world's second-biggest oil consumer. Morgan Stanley said that a further devaluation of the yuan could send oil prices down into the $20-$25 per barrel range.

Gold is currently at $1,095.70 (-0.05%) as concerns over China's economy prevent this safe-haven asset from falling. Nevertheless fundamentals, driven by expectations of higher interest rates in the U.S., remain bearish. Higher rates undermine demand for the non-interest-bearing bullion.

(raw materials / closing price /% change)

Oil 31.13 -0.89%

Gold 1,093.70 -0.23%