Oil prices rose on the U.S. oil rigs data. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 8 rigs to 644 last week. It was the third consecutive decrease.

Combined oil and gas rigs fell by 6 to 842.

Concerns over the global oil oversupply weighed on oil prices in the recent weeks.

Saudi Arabia's crude oil exports declined by 89,000 barrels per day (bpd) in July, according he Joint Organisations Data Initiative (JODI) data on Sunday.

WTI crude oil for October delivery climbed to $45.90 a barrel on the New York Mercantile Exchange.

Brent crude oil for October increased to $48.29 a barrel on ICE Futures Europe.

Gold price fell as the U.S. dollar recovered after the Fed's interest rate decision. The Fed kept its interest rate unchanged at 0.00%-0.25% last Thursday.

The Fed took into account the slowdown in the global economy and low inflation expectations. That was the main reason to keep the monetary policy unchanged.

Comments by St. Louis Fed President James Bullard also weighed on gold price. He said in an interview with CNBC on Monday that the Fed should raise its interest rates and that the interest rate hike in October is possible.

Gold is traded in U.S. dollars. It suffers when the U.S. dollar strengthens, becoming more expensive for holders of other currencies.

October futures for gold on the COMEX today declined to 1131.20 dollars per ounce.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 8 rigs to 644 last week. It was the third consecutive decrease.

Combined oil and gas rigs fell by 6 to 842.

West Texas Intermediate futures for October delivery, which expires tomorrow, advanced to $45.53 (+1.13%), while Brent crude climbed to $48.00 (+1.12%) after Baker Hughes reported over the weekend that the number of drilling rigs in the U.S. declined further. The oil-rig count fell by 8 to 644 posting the third weekly decline in a row suggesting that producers are trying to support prices by cutting output.

Nevertheless China's slowing economy keeps prices under pressure amid concerns over oil demand.

Gold is currently at $1,137.60 (-0.02%) near a three-week high amid weak equities. The precious metal surged after the Federal Reserve decided to keep its interest rates unchanged citing weakness of overseas economies. Thus investors will watch developments in China closely. Markit Economics will release its preliminary report on China's September Manufacturing PMI on Wednesday. However bullion is still under pressure, because many market participants still expect a rate hike this year.

(raw materials / closing price /% change)

Oil 44.98 +0.67%

Gold 1,139.10 +0.11%