West Texas Intermediate futures for September delivery slid to $47.85 (-0.27%), while Brent crude slid to $53.18 (-0.23%). Nevertheless both crudes stepped away from the lowest levels in almost four months as Chinese markets showed some stabilization after Monday selloff.

Today investors are waiting for weekly data on U.S. inventories, which are likely to show an increase and put pressure on oil prices.

"Crude oil is facing a massive production glut with no producers cutting back and inventory building up," said an analyst from Citibank.

Gold is currently at $1,097.10 (+0.08%) fluctuating around a five-year low as today investors await the end of a two-day Fed meeting, which may provide clues on the timing of interest rates increase. Higher rates would be harmful for the non-interest-paying bullion.

GFMS Gold Survey, a closely watched research report, showed global gold demand at its lowest level in six years in Q2 2015. Analysts said it might fall further.

On an annualized basis the decline was 14.2% to 858 tonnes and GFMS considers top consumer China the biggest contributor to this drop (the country's jewellery demand fell by 23% during the second quarter of the current year).

(raw materials / closing price /% change)

Oil 47.77 -0.44%

Gold 1,094.50 -0.16%