Oil prices hit 6-1/2-year lows on Monday on concerns over the global oil oversupply and on worries over the global slowdown. The Japanese Nikkei stock index fell almost 4%, while China's Shanghai Composite declined more than 8%. European and U.S. sticks are also trading lower.

Concerns over a slowdown in the Chinese economy weighed on markets.

China allowed pension funds to invest in domestic stocks. Pension funds are now able to invest up to 30% of their net assets in domestic stocks.

China hopes with this decision to boost the liquidity on the stock market and to stop a massive selloff.

According to the newspaper the Financial News, the People's Bank of China (PBoC) plans to use a mix of innovative monetary policy tools to inject liquidity into the financial system. The central bank wants to make "flexible use" of the new tools.

The new tools should replace foreign-exchange purchases.

The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 2 rigs to 674 last week. It was the fifth consecutive increase.

Combined oil and gas rigs remained unchanged at 884.

WTI crude oil for October delivery declined to $38.61 a barrel on the New York Mercantile Exchange.

Brent crude oil for October decreased to $43.10 a barrel on ICE Futures Europe.

Gold price increased on concerns over the global slowdown, but declined later due to a selloff in commodities. The Japanese Nikkei stock index fell almost 4%, while China's Shanghai Composite declined more than 8%. European and U.S. sticks are also trading lower.

Concerns over a slowdown in the Chinese economy weighed on markets.

China allowed pension funds to invest in domestic stocks. Pension funds are now able to invest up to 30% of their net assets in domestic stocks.

China hopes with this decision to boost the liquidity on the stock market and to stop a massive selloff.

According to the newspaper the Financial News, the People's Bank of China (PBoC) plans to use a mix of innovative monetary policy tools to inject liquidity into the financial system. The central bank wants to make "flexible use" of the new tools.

The new tools should replace foreign-exchange purchases.

September futures for gold on the COMEX today decreased to 1156.20 dollars per ounce.

According to the newspaper the Financial News, the People's Bank of China (PBoC) plans to use a mix of innovative monetary policy tools to inject liquidity into the financial system. The central bank wants to make "flexible use" of the new tools.

The new tools should replace foreign-exchange purchases.

China allowed pension funds to invest in domestic stocks. Pension funds are now able to invest up to 30% of their net assets in domestic stocks.

China hopes with this decision to boost the liquidity on the stock market and to stop a massive selloff.

The oil driller Baker Hughes reported that the number of active U.S. rigs rose by 2 rigs to 674 last week. It was the fifth consecutive increase.

Combined oil and gas rigs remained unchanged at 884.

West Texas Intermediate futures for October delivery plunged to $39.14 (-3.24%), while Brent crude fell to $44.29 (-2.57%) as investors took China's slowing economy for a sign of weaker demand amid ongoing oversupply. However data suggest that China's demand remains firm: the country's crude-oil imports rose 1.7 million barrels a day in July from a year earlier to 7.4 million barrels a day.

Iran's Oil Minister Bijan Zanganeh said that his country intends to raise oil output. Meanwhile the number of active drilling rigs in the U.S. rose in seven weeks out of eight and it currently stands at 674.

Gold slid to $1,155.60 (-0.34%) on Monday morning. However concerns over a slowing Chinese economy and massive declines in stocks around the globe are likely to persuade investors to pay more attention to this safe-haven asset.

Bullion advanced to $1,168.40 on Friday, its highest level since July, and gained more than 4% last week, the most since the middle of January.

Expectations for a rate hike in the U.S. shifted to December or even the beginning of 2016 from September when Fed policymakers meet next.

(raw materials / closing price /% change)

Oil 40.29 -0.40%

Gold 1,159.50 -0.01%