Oil prices fell on concerns over the global oil oversupply. Saudi Arabia raised its oil exports by 113,000 barrels per day in September to 7.111 million barrels per day from 6.998 million barrels per day in August.

The better-than-expected U.S. crude oil inventories data supported oil prices. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 0.25 million barrels to 487.3 million in the week to November 13. It was the eighth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 1.9 million barrels.

Gasoline inventories increased by 1.0 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 1.50 million barrels.

U.S. crude oil imports fell by 409,000 barrels per day.

Refineries in the U.S. were running at 90.3% of capacity, up from 89.5% the previous week.

WTI crude oil for January delivery dropped to $40.66 a barrel on the New York Mercantile Exchange.

Brent crude oil for January fell to $43.81 a barrel on ICE Futures Europe.

Gold price traded little changed as market participants were cautious ahead of the release of the Fed's monetary policy meeting minutes. The minutes could add to speculation that the Fed will start raising its interest rate next month.

Market participants eyed the U.S. housing market data. The U.S. Commerce Department released the housing market data on Wednesday. Housing starts in the U.S. dropped 11.0% to 1.060 million annualized rate in October from a 1,191 million pace in September, missing expectations for a decrease to 1.160 million.

The decrease was driven by declines in starts of single-family and multifamily homes.

Building permits in the U.S. climbed 4.1% to 1.150 million annualized rate in October from a 1.105 million pace in September, in line with expectations.

December futures for gold on the COMEX today decreased to 1067.90 dollars per ounce.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 0.25 million barrels to 487.3 million in the week to November 13. It was the eighth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 1.9 million barrels.

Gasoline inventories increased by 1.0 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 1.50 million barrels.

U.S. crude oil imports fell by 409,000 barrels per day.

Refineries in the U.S. were running at 90.3% of capacity, up from 89.5% the previous week.

Atlanta Fed President Dennis Lockhart said on Wednesday that the Fed's targets are met and he would be ready to start raising interest raise soon.

"I am comfortable with moving off zero soon, conditioned on no marked deterioration in economic conditions. I believe it will soon be appropriate to begin a new policy phase," he said.

Lockhart added that he will analyse the incoming economic data.

West Texas Intermediate futures for December delivery climbed to $42.03 (+0.77%), while Brent crude advanced to $43.94 (+0.85%) after the American Petroleum Institute said on Tuesday that U.S. crude stockpiles fell last week by 482,000 barrels due partly to higher refinery activity. Official data by the U.S. Energy Information Administration will be released later today.

Nevertheless crude remained under pressure as analysts expect oil to meet 2016 at low prices. Ample supplies continue outpacing demand.

Gold is currently at $1,068.40 (-0.02%) after a sharp fall yesterday as investors overcame fears after Paris attacks, ignored concerns over terrorism in Germany and focused on an imminent Federal Reserve's rate hike. On Tuesday data showed that inflation of consumer prices picked up in the U.S. intensifying expectations for a data-dependant liftoff.

Yesterday German authorities called off a football game over bomb fears.

(raw materials / closing price /% change)

Oil 41.12 +1.11%

Gold 1,069.30 +0.07%