Oil prices are down due to concerns about consumption growth amid financial problems the U.S. and the EU.

In the U.S. authorities have seven weeks to reach an agreement on the planned budget cuts and tax increases that threaten recession. Democrats and Republicans agree that these measures should be avoided, but Republicans believe that tax relief should be extended to all citizens, and the Democrats and the president - only for those with incomes below $ 250,000 a year.

In Europe, the international creditors Greece allocated additional credits, but gave her two years to achieve the budget.

Tensions in the Middle East remains a factor supporting prices. Iran this week to hold the largest in its history, military exercises involving 8,000 troops, bombers and fighters, the Iranian TV. Last week, the U.S. said that the Air Force of Iran U.S. drone fired in international airspace.

Iran in October increased oil production after seven months of decline and significantly increased exports, reported the International Energy Agency. In its monthly report, the agency lowered the forecast of world oil consumption in 2012 and 2013 by 100,000 barrels per day.

Crude for December delivery fell to $84.57 per barrel, and then rose to $85.95 a barrel on the New York Mercantile Exchange.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 84.57 dollars per barrel, and then rose to 85.95 dollars a barrel on the New York Mercantile Exchange.

Brent for December settlement declined 70 cents, or 0.6 percent to $108.37 a barrel on the London-based ICE Futures Europe exchange. The price fell as low as $107.38.

Gold is cheaper on the back of weak euro to two-month low against the dollar and uncertainty about the provision of a new portion of Greek loans.

While players and hope that Greece will stretch this week with no credit, for which it had hoped, uncertainty about the short-term financing and reduce the country's debt scare investors away from the euro.

Greece plans Tuesday to sell treasury bills to refinance Five Billion Euro-issue maturing on Friday, and some players do not believe in the success of the auction.

Euro zone finance ministers agreed to give Athens two years to achieve the goal of the budget, but the eurozone and the IMF can not agree who will bear the associated costs in the order of 33 billion euros.

A new meeting of Eurogroup held on November 20, said its president, Jean-Claude Juncker, and on 22 November the EU summit opens.

In 2013, prices will rise to $ 2,000, because the cost of production limits its growth, and demand from central banks and Chinese consumers increases, the general director of the world's largest gold producer Barrick Gold Jamie Sokalski.

He also noted the increase in investment demand for gold due to economic uncertainty and new investment vehicles in Asia.

Price increase helps the threat of financial problems in the U.S. that could push the world's largest economy into recession.

December futures price of gold on COMEX today fell to 1717.60 dollars per ounce.

Change % Change Last

Oil $85.62 +0.05 +0.06%

Gold $1,728.00 -2.90 -0.17%