West Texas Intermediate oil was little changed following a 1.5 percent tumble on Feb. 15, the biggest drop in two weeks. Saudi Arabia is likely to cut exports further this year, a BP Plc economist said.

New York crude declined as much as 0.4 percent before rebounding, while Brent crude was little changed in London. There’s no scarcity of supply and Saudi Arabia will probably reduce exports further, depending on the actions of other OPEC members, BP Chief Economist Christof Ruehl said in an interview in London today. Brent’s premium to WTI widened. Data from the Federal Reserve showed U.S. industrial production shrank unexpectedly in January.

Crude for March delivery traded in a range of  $95,45 – 95,99 a barrel in electronic trading on the New York Mercantile Exchange. Floor trading in New York will be closed today for the U.S. Presidents’ Day holiday. Electronic trading will cease at 1:15 p.m. Eastern time, resuming at 6 p.m.

Brent oil for April settlement on the ICE Futures Europe exchange was down 6 cents at $117.60 a barrel, with trading volume 65 percent below the 100-day average. The European benchmark crude was at a premium of $21.38 to WTI, versus $21.25 on Feb. 15. The gap had expanded to $23.18 on Feb. 8, the widest since Nov. 26.

Gold prices on Monday during the Asian session grew and recovered from a six-month low due to return to the physical market of Chinese customers, but the strong dollar restrains growth.

Premiums for gold bars in Hong Kong rose to $ 1.70 an ounce to prices in London from $ 1.50 last week, pointing to a rise in demand from jewelers, director of Lee Cheong Gold Dealers in Hong Kong Ronald Leung, adding that he doubted the stability demand.

"A strong dollar - is the most important factor. Mood is not very optimistic even with the tensions in North Korea," - said Leung. Gold as a safe asset is usually more expensive in the amplification of geopolitical tensions.

North Korea's ally China said to be preparing another one or two nuclear tests this year in an attempt to force the U.S. to begin a diplomatic dialogue with Pyongyang, said a source familiar with the message of North Korea.

Gold prices could not be fixed at the levels reached during the Asian session, as the U.S. stock markets are closed today in observance of President's Day. Before rushing to the $ 1670, in Europe, gold was returned to score points. How to write analysts Commerzbank, «the recent decline occurred against a significant outflow of funds from the gold ETF. In addition, the downward pressure on gold had mostly players futures market. "

April futures price of gold on COMEX today fell to 1606.70 dollars per ounce.