The cost of oil futures rose more than a percent, reaching the highest level in more than five weeks. Support to the markets was expectations of reaching an agreement between the oil-producing countries, as well as concerns about the situation in Venezuela.

Market participants believe that at the September meeting, OPEC could decide to freeze the growth of production. In the past two years, some OPEC members building up oil production despite low prices, resulting in oversupply.

Meanwhile, the oil minister of Nigeria Emmanuel Kachikvu pointed out that he considers unlikely to reach agreement on the reduction of production by OPEC member countries. Earlier this year, an attempt to freeze the level of production was not a success because of Iran's refusal to participate in the initiative. However, analysts at JPMorgan view moderate optimism about the production freeze. In their view, Saudi Arabia is likely to be more compliant with other manufacturers at the upcoming meeting of OPEC

With regard to the situation in Venezuela, the volume of oil production in the country is collapsing because of the political and economic crisis. Over the past 12 months the volume of crude oil production decreased by 9%, reaching a level of 2.36 million barrels a day.

Investors are also awaiting the publication of weekly data on US oil and petroleum products. In recent weeks, the cumulative US crude stocks and petroleum products grew, and their further increase can put pressure on prices. Today we have inventory data from the American Petroleum Institute, and tomorrow the official report from the US Department of Energy

The cost of September futures on US light crude oil WTI rose to 46.33 dollars per barrel.

September futures for North Sea petroleum mix of Brent crude rose to 48.91 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Quotes of gold increased significantly updating the 10 of August high, but then lost most of the positions on the background of mixed US economic data and optimistic statements by Fed officials.

The US Department of Labor said that US consumer prices remained unchanged in July, as the cost of gasoline has fallen for the first time in five months. Consumer price index was the weakest since February, and followed two consecutive monthly increases of 0.2 percent. During the 12 months to July, the consumer price index rose 0.8 percent after rising 1.0 percent in June. Economists forecasted that the consumer price index will be unchanged last month and will grow at 0.9 percent y/y. The coreCPI, which excludes food and energy, rose 0.1 percent in July. It grew by 0.2 percent in the previous three consecutive months. Core increased by 2.2 percent y./y, after rising 2.3 percent in June. In July, the price of gasoline fell by 4.7 percent, the first decline since February. Gasoline prices rose 3.3 percent in June. Food prices have not changed, but the cost of food consumed at home fell 0.2 percent.

At the same time, a separate report from the Commerce Department showed that new homes in the US unexpectedly rose in July, as construction activity increased across the board. New home sales index rose by 2.1 percent to a seasonally adjusted annual rate of 1.2 million units, the highest level since February. Building permits fell 0.1 percent to 1.15 million units.

Investors are watching economic data to determine whether the US economy has strengthened enough to make the Fed aise interest rates later this year. Recall, higher interest rates tend to have a downward pressure on gold. According to the futures market, the likelihood of a Fed hike is September is 18%. Meanwhile, the probability of a rate hike in December is estimated at 50.3% versus 44.8% yesterday.

From a technical point of view, the next support level for gold is $ 1335 per ounce, while strong resistance lies at around $ 1,355- $ 1,360 per ounce.

The cost of gold futures on COMEX rose to $ 1,349.30 an ounce.

This morning, New York crude oil futures for WTI fell by -0.72% to $ 45.41 and Brent oil futures were down -0.77% to $ 47.98 per barrel. Thus, the black gold is trading lower on the background of profit taking as well as expectations of a possible meeting between the largest oil producers. Analysts at ANZ bank note: "the price of oil rose to a four-week high amid talk of a possible restriction of OPEC production. Russia has also stated that it is ready for such negotiations.".The Minister of Energy, Industry and Mineral Resources of Saudi Arabia last week said they were ready to support the action of OPEC and other major exporting countries to balance the markets. He believes that oil producers are to hold a meeting on the sidelines of the International Energy Forum in September 2016 in Algiers. Analysts also believe that the global oil market is affected by concerns about the extraction of raw materials in Venezuela. Due to the economic and political crisis, underfunding industry and mismanagement in the country that has the largest oil reserves in the world.

(raw materials / closing price /% change)

Oil 45.67 -0.15%

Gold 1,344.70 -0.21%