Oil prices mark the rise after Sunday Venezuelan President Nicolas Maduro said that OPEC and its member exporters are "close" to reaching an agreement on the oil market stabilization and that it aims to ensure that the agreement may be announced as early as this month.

OPEC members will discuss potential limitation of production in the course of an informal meeting on the sidelines of the International Energy Conference in Algiers on September 26-28.

But many market participants doubt that the forthcoming meeting in late September will conclude with the adoption of any reduction of the global overproduction measures. Most of them believe that instead, oil producers will continue to monitor the market, postponing negotiations on freezing before the official meeting of OPEC in Vienna, scheduled for 30 November.

Earlier this year, an attempt to co-freeze level of production was not a success because of the refusal of Saudi Arabia to sign the agreement without the participation of Iran.

On Friday, Brent crude fell 82 cents, or 1.76% and for the week fell $ 4.67%, amid growing concerns about a possible increase in oil supplies from Libya and Nigeria.

Reports of the fighting in the Libyan oil ports provide additional support to the growth of prices. East Libyan forces announced the restoration of control over the two ports after the counter militants managed to capture one of the terminals for a while.

On Friday, WTI crude oil futures fell to a five-week low of $ 43.35, as signs of continued recovery of drilling activity in the US have increased concern about global oversaturation proposal.

Baker Hughes reported that the number of oil rigs in the US increased by 2 per week to 416, increasing the 11th week of the last 12.

The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 44.13 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of Brent crude rose to 46.85 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose on a background of a weakening dollar, but gains were limited due to the upcoming meeting of the Fed and the growth of US government bonds.

The US Central Bank will hold a meeting on Tuesday and Wednesday. It is expected to keep the intrest rate at the same level, but can give a clear signal about the possibility of a hike in December.

Rates unchanged may weaken the US currency, potentially making gold more attractive to buyers. "The dollar weakened slightly as a whole is good for precious metals and gold in particular ... The economic data is not too good, so that they do not act now, - said Quantitative Commodity Research analyst Peter Fertig -. But there is a risk that Fed may surprise everyone and then precious metals will drop. "

Also, the gold market bulls are concerned about growth in real yields tied to the inflation rate of US bonds.

Nevertheless, the return of Chinese investors after the Mid-Autumn Festival, is expected to help to support gold, as well as strong technical support around the level of $ 1.305 per ounce, 100-day moving average.

The assets of the world's largest gold exchange-traded fund (ETF) SPDR Gold Shares rose on Friday by more than 1 percent to 942.61 tons.

The cost of the October futures for gold on COMEX rose to $ 1317.5 per ounce.

(raw materials / closing price /% change)

Oil 43.19 +0.37%

Gold 1,313.20 +0.23%