West Texas Intermediate futures for February delivery climbed to $36.41 (+0.75%), while Brent crude advanced to $36.44 (+0.91%) after the American Petroleum Institute said U.S. crude oil inventories declined 3.6 million barrels last week. Now market participants are waiting for official data from the Energy Information Administration due later today. Analysts expect a 1.5 million barrel increase.

Fundamentals remain unfavorable for oil and many analysts expect the low-price period to continue in 2016.

Gold is currently at $1,074.40 (+0.03%) after suffering losses due to revision of U.S. third quarter GDP. Prospects of further gradual growth in Fed interest rates continue weighing on the non-interest-paying precious metal. The Federal Reserve is likely to raise rates further in 2016.

Oil prices climbed on Tuesday, but inflationary pressures remained low. Gold is often seen as a hedge asset against oil-driven inflation.

Some analysts say that prices may fall below the $1,000 key level in 2016.

(raw materials / closing price /% change)

Oil 36.47 +0.91%

Gold 1,071.80 -0.21%