Oil prices rebounded after yesterday's decline. Oil prices yesterday fell on U.S. crude oil inventories data. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 8.03 million barrels to 476.6 million in the week to October 16. It was the fourth consecutive increase. Analysts had expected U.S. crude oil inventories to rise by 3.65 million barrels.

A meeting between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries in Vienna ended without any concrete results. Countries refused to cut their oil production.

WTI crude oil for December delivery rose to $45.31 a barrel on the New York Mercantile Exchange.

Brent crude oil for December climbed to $48.07 a barrel on ICE Futures Europe.

Gold price increased, but gains were limited by a stronger U.S. dollar. The greenback rose against other currencies on the better-than-expected U.S. economic data and on comments by the European Central Bank (ECB) President Mario Draghi. He said at a press conference that the value of the ECB's asset-buying programme will be discussed at the monetary policy meeting in December. He noted that the Governing Council discussed the possibility to cut interest rates, but the decision was not made. Draghi pointed out that the central bank will expand its asset-buying programme if needed to boost inflation toward the 2% target.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending October 17 in the U.S. rose by 3,000 to 259,000 from 256,000 in the previous week. The previous week's figure was revised up from 255,000. Analysts had expected the initial jobless claims to increase to 265,000.

The National Association of Realtors released existing homes sales figures in the U.S. on Monday. Sales of existing homes rose 4.7% to a seasonally adjusted annual rate of 5.55 million in September from 5.30 million in August. August's figure was revised down from 5.31 million units. Analysts had expected an increase to 5.38 million units.

December futures for gold on the COMEX today rose to 1167.80 dollars per ounce.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending October 17 in the U.S. rose by 3,000 to 259,000 from 256,000 in the previous week. The previous week's figure was revised up from 255,000.

Analysts had expected the initial jobless claims to increase to 265,000.

Jobless claims remained below 300,000 the 33th straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims increased by 6,000 to 2,170,000 in the week ended October 10.

Chief executives of world's largest oil traders Mercuria and Gunvor expect oil prices to remain below $60 per barrel until 2017.

Mercuria Chief Executive Marco Dunand said on Wednesday that there will a deficit in 2016 in the oil market as non-OPEC countries will cut its oil output. But despite this expectations, he noted that oil prices will rise at a slow pace.

Gunvor Chief Executive Torbjorn Tornqvist said that he did not expect oil prices to rise to higher levels at least until the middle of next year.

Chinese President Xi Jinping said during a state visit to the U.K. that there will be "no hard landing" in China despite the downward pressure.

"The Chinese economy does face some downward pressure and structural problems, but such adjustments look inevitable when the economy reaches a certain stage after years of high growth," he said.

Xi noted that the economic development in China is "a new normal".

West Texas Intermediate futures for December delivery climbed to $45.42 (+0.49%), while Brent crude rose to $48.12 (+.56%) despite a greater-than-expected buildup in U.S. crude stocks.

The U.S. Energy Administration reported on Wednesday that U.S. crude inventories rose by 8 million barrels in the week ending October 16. However oil prices rose amid a weaker dollar, because it's a dollar denominated commodity. Analysts say that these gains are unlikely to reverse the general down trend, because global oversupply persists.

Meanwhile officials said that yesterday's meeting of the Organization of the Petroleum Exporting Countries and non-OPEC oil producers failed to result in any agreement to take steps to raise prices.

Gold declined to $1,165.60 (-0.13%) amid a relatively strong dollar and uncertainty over the timing of the rate hike by the Federal Reserve.

Now many market participants expect the Fed to raise rates in 2016, although uncertainty persists. Higher rates would hurt demand for the non-interest-bearing precious metal. Investors will also eye today's results of the ECB meeting.

"Our base case remains for higher U.S. real rates and lower gold prices, albeit with there being risks that the gold price weakness is pushed out further should the Fed surprise us and remain on hold in December," Goldman Sachs said in a note.

(raw materials / closing price /% change)

Oil 45.26 +0.13%

Gold 1,166.70 -0.03%