Oil prices rose slightly and gradually sent to its first weekly gain in the last month, since the increase of tension in the Middle East have prompted fears that the supply violated. Also on this momentum influenced presented U.S. consumer confidence index, which unexpectedly rose in October to a five-year maximum.

Earlier, prices rose by 0.6%, as the countries of the European Union reached a preliminary decision to tighten sanctions against Siriii. Note that the tension in the Middle East, of course, a factor that should keep the price of oil above $ 85 and close at $ 90 a barrel.

European foreign ministers are planning to formally approve the measure at a meeting on October 15 in Luxembourg.

Oil also rose amid higher U.S. stock markets and the euro strengthened against the euro after the EU statistical office said that industrial production in the euro zone rose unexpectedly by 0.6 percent in August.

A strong euro and a weakening of the dollar increases the appeal of oil as an investment alternative.

November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 91.85 per barrel on the New York Mercantile Exchange.

November futures price of North Sea Brent crude oil mixture is 114.53 dollars a barrel on the London Stock Exchange ICE Futures Europe.

The price of gold fell sharply today, it is moving to its biggest weekly decline in two months. But, despite this, the precious metal is still within the 11-month high, and market participants are awaiting the decision of Spain concerning financial assistance.

Recall also that the international rating agency Standard & Poor's downgraded Spain's sovereign debt rating by two notches to BBB + to the level of BBB-.

During the session, gold, which is seen as a hedge against inflation, increased slightly, as investors reacted to the U.S. data on the growth of producer prices in September. But soon the prices returned to their previous level and are now on the way to the largest weekly decline of 0.8%.

Further decline may continue as the market lacks momentum after the introduction of monetary policy adopted by the major central banks, and should support prices in the long term.

At the same time, a recent survey conducted by analysts Reuters, found that the outlook for gold remains upward.

Credit Suisse announced the increase of the average price forecast for 2013 for bullion to $ 1840 per ounce to $ 1720 an ounce. The bank also revised its forecast for silver to $ 33.10 from $ 29.20 per ounce.

Note also that the gold stock ETFs also fell on Thursday for the first time in two weeks, but still close to a record high at around 75.03 million ounces.

October futures price of gold on the COMEX fell $ 07.06 today and now is 1762.1 dollars per ounce.

Change % Change Last

Oil 92.48 +0.41 +0.45%

Gold 1,769.40 -1.20 -0.07%