Oil prices dropped on concerns over the global oil oversupply. The stronger U.S. dollar also weighed on oil prices as market participants speculate that the Fed will start raising interest rate in December.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

WTI crude oil for January delivery dropped to $42.28 a barrel on the New York Mercantile Exchange.

Brent crude oil for January fell to $43.91 a barrel on ICE Futures Europe.

Gold price fell on decreasing demand for safe-haven assets and on a stronger U.S. dollar. The greenback rose against other currencies after the release of the U.S. consumer price inflation data. The U.S. Labor Department released consumer price inflation data on Tuesday. The U.S. consumer price inflation rise 0.2% in October, in line with expectations, after a 0.2% fall in September.

The increase was partly driven by higher shelter and medical care costs. Shelter costs climbed 0.3% in October, while medical care costs rose 0.8%.

Gasoline prices were up 0.4% in October, while food prices increased 0.1%.

On a yearly basis, the U.S. consumer price index increased to 0.2% in October from 0.0% in September, beating expectations for a rise to 0.1%.

The U.S. consumer price inflation excluding food and energy gained 0.2% in October, in line with expectations, after a 0.2% increase in September.

On a yearly basis, the U.S. consumer price index excluding food and energy remained unchanged at 1.9% in October, in line with expectations.

December futures for gold on the COMEX today decreased to 1074.80 dollars per ounce.

The Federal Reserve released its industrial production report on Tuesday. The U.S. industrial production fell 0.2% in October, missing expectations for a 0.1% rise, after a 0.2% decline in September.

The drop was mainly driven by a fall in the mining output and utilities. Mining output plunged by 1.5% in October, while utilities production slid 2.5%.

Manufacturing output was up 0.4% in October, after a 0.1% fall in September.

Capacity utilisation rate decreased to 77.5% in October from 77.7% in September, in line with expectations. September's figure was revised up from 77.5%.

The U.S. Labor Department released consumer price inflation data on Tuesday. The U.S. consumer price inflation rise 0.2% in October, in line with expectations, after a 0.2% fall in September.

The increase was partly driven by higher shelter and medical care costs. Shelter costs climbed 0.3% in October, while medical care costs rose 0.8%.

Gasoline prices were up 0.4% in October.

Food prices increased 0.1% in October.

On a yearly basis, the U.S. consumer price index increased to 0.2% in October from 0.0% in September, beating expectations for a rise to 0.1%.

The U.S. consumer price inflation excluding food and energy gained 0.2% in October, in line with expectations, after a 0.2% increase in September.

On a yearly basis, the U.S. consumer price index excluding food and energy remained unchanged at 1.9% in October, in line with expectations.

The inflation remains low due to a weak wage growth and a stronger U.S. dollar.

The consumer price index is not preferred Fed's inflation measure.

West Texas Intermediate futures for December delivery slid to $41.65 (-0.22%), while Brent crude is currently at $44.63 (+0.16%) as market participants turned their focus back to the persistent oversupply issue.

Analysts expect oil to meet 2016 at low prices. Many traders expect further price drops. The U.S. Commodity Futures Trading Commission reported that managers lowered their net long U.S. crude futures and options positions in New York and London by 27,456 contracts to 127,351 in the week ending November 10.

Gold declined to $1,078.50 (-0.47%) as expectations of an imminent interest rate hike in the U.S. outweighed the influence of attacks in Paris. Investors are waiting for FOMC meeting minutes to assess probability of a liftoff in rates in December.

On Monday French President Francois Hollande called on the U.S. and Russia to unite to fight ISIS following the attacks across Paris, and announced a set of measures to defeat terrorism in France.

Demand in top consumers China and India remained weak amid signs of weakness in the countries' economies.

(raw materials / closing price /% change)

Oil 42.04 +0.72%

Gold 1,081.60 -0.18%