Oil prices traded lower as market participants eyed expectations for a rise in global oil demand and an increase in OPEC's oil output. The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Monday that its output in September rose to 1.57 million barrels a day, up about 109,000 barrels a day from August.

OPEC said that it expects non-OPEC oil production to decline next year, while OPEC oil output to rise.

The OPEC secretary general Abdullah el-Badri said on Sunday that oil production from non-OPEC producers declined and global oil demand increased.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 6 rigs to 605 last week. It was the sixth consecutive decrease and the lowest level since the week ending July 30, 2010.

Combined oil and gas rigs fell by 14 to 795. It was the lowest level since May 2002.

WTI crude oil for November delivery fell to $48.49 a barrel on the New York Mercantile Exchange.

Brent crude oil for November declined to $51.74 a barrel on ICE Futures Europe.

Gold price increased on a weaker U.S. dollar. Speculation that the Fed may not raise its interest rates this year weighed on the greenback.

Atlanta Fed President Dennis Lockhart repeated on Monday that the interest rate hike by the Fed this year is still possible.

Chicago Fed President Charles Evans said on Monday that the interest rate hike should be very gradual when the Fed will start raising its interest rates. Evans noted that he is not confident if the inflation target in the U.S. will be reached "within a reasonable time frame".

December futures for gold on the COMEX today rose to 1168.60 dollars per ounce.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 6 rigs to 605 last week. It was the sixth consecutive decrease and the lowest level since the week ending July 30, 2010.

Combined oil and gas rigs fell by 14 to 795. It was the lowest level since May 2002.

The U.S. House of Representatives voted to lift a ban on the export of crude oil on Friday. 159 of 261 of members voted in favour of the lift of a ban, which was implemented in the 1970s.

The bill has to pass the Senate.

(raw materials / closing price /% change)

Oil 49.49 -0.28%

Gold 1,155.60 -0.03%