Oil futures rose dramatically today as the largest manufacturers in the world have gathered in Algiers to discuss ways to support the market.

Recall, today in Algeria the International Energy Forum starts. On the sidelines of the forum members of the Organization of Petroleum Exporting Countries will meet in an informal setting to discuss a possible deal to curb oil production.

Iran, which is still ramping up production, diminishes the chances of the deal, although several other members of the group said they still hope that will be reached some kind of agreement that will solve the problem of global excess oil.

However, skepticism about the possibility of concluding any agreement prompted money managers and hedge funds to cut their bullish bets on oil to one-month low last week, when prices fell nearly 5 percent. This was reported by the US Commodity Futures Trading Commission.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 45.91 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of Brent crude rose to 47.98 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices rose slightly pdating the Friday's high, helped by a weaker dollar and expectations of the first television debate between the candidates for the US presidency.

According to a survey conducted by broadcaster ABC and the newspaper Washington Post, Clinton ahead Trump's popularity by 2%. Studies have shown that if you had to choose between two candidates, 46% of respondents would vote for Clinton and 44% for Trump. According to analysts, if Trump's support will increase, the price of gold may rise in the short term against the backdrop of highly volatile.

However, uncertainty about the US monetary policy outlook and sluggish demand for physical metal in Asia held back a further increase in prices. This week, investors will focus on recent comments of Fed Yellen, which may shed further light on the timing of the next increase in US interest rates. Market participants will closely follow the performances on other high-ranking officials Fed, as well as statistics on the US economy.

"Gold is trading in a relatively narrow range for the third day in a row - Ole Hansen said, the head of commodity research at Saxo Bank -. Meanwhile, demand from hedge funds and investors absent in recent weeks, despite the favorable prospects for Fed policy. Trump increased support in the polls, a weaker dollar and today's drop in the stock market, driven by losses in the banking sector. "

Data published by Commodity Futures Trading Commission US, showed that last week (to September 20), hedge funds and money managers reduced their net long positions in gold for the second time in a row.

The cost of the October futures for gold on COMEX rose to $ 1340.2 per ounce.

This morning, New York crude oil futures for WTI rose by + 0.20% to $ 44.60 and Brent crude oil futures rose in price by 0.06% to $ 46.51 per barrel. Thus, the black gold is trading in the green zone on the background of statements by the Algerian Minister of Energy on the informal meeting of OPEC on Monday, who said that all possible options regarding the reduction or freezing of production are open. Recall that the OPEC countries will meet on the sidelines of the International Energy Forum in Algiers on 26-28 September to discuss the potential and the limitation of the production agreement. It will be a close call as Saudi Arabia does not expect the adoption of any decision in Algeria, but it is ready to cut production volumes, if Iran will join the agreement this year, Reuters writes.

(raw materials / closing price /% change)

Oil 44.72 +0.54%

Gold 1,341.50 -0.01%