Oil futures fell by about 2 percent coming under pressure because of the increase in reports of oil production in the Middle East.

On Saturday, Iraqi Oil Minister said that his country will continue to increase oil production. In addition, two officials of the state-owned South Oil Company said that oil exports from Iraq's southern ports reached an average of 3.205 million barrels per day in August, exceeding the average of July (3.202 million. Barrels per day). Recall, Iraq is one of the main producers of crude oil in the world, ranking second in its production among the member states of the Organization of Petroleum Exporting Countries (OPEC). "The uncertainty of oil price prospects is high enough, - said Robert Bosley of Boslego Risk Services - the oil reserves continue to reach new highs and it is not yet clear whether OPEC members intervene in the market if the prices will drop back to $ 40."

Recall OPEC countries are planning to hold an informal meeting on the sidelines of the 15th International Energy Forum in Algeria. At that meeting, OPEC is likely to resume negotiations on freezing oil with countries within and outside the cartel. On Friday, Iran's oil minister said that Iran will help other oil producers to stabilize the world market, if other its market share will be restored. Iran is the third largest producer in OPEC to increase production after the removal of Western sanctions in January.

The cost of the October futures for WTI fell to 46.82 dollars per barrel.

October futures price for North Sea petroleum mix of mark Brent fell to 49.35 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices little changed in a low activity monday market.

Speaking at the annual symposium in Jackson Hole, Yellen said that against the background of improved economic conditions in the labor market, the probability of raising interest rates rose. However, she clarified that the next steps will be based on macroeconomic data. "Our decisions always depend on the extent to which the next data continue to confirm the Fed's forecasts", - said Yellen. Judging by the comments, if rates are not increased in September, it is expected to rise at a future meeting.

"The pressure on gold is likely to increase as approaching September, and market participants are now increasingly expect a rate hike", - INTL FC Stone said.

In addition, data from Commodity Futures Trading Commission showed that in the week to 23 August, hedge funds and money managers increased their net long position in gold.

The cost of the August gold futures on COMEX fell to $ 1319.0 per ounce.

This morning, New York crude oil futures for WTI fell by -1.64% to $ 46.85 and Brent oil futures were down -1.62% to $ 49.35 per barrel. Thus, the black gold is traded lower on the background of growth of oil production in Iraq, and after Iran presented conditions of cooperation with OPEC to stabilize the oil market. Analysts said that prices have fallen in relation to data on production growth in the Middle East. Oil exports from Iraq's southern ports reached an average of 3.205 million barrels per day in August, exceeding July's average.

Iran has announced its readiness to help other oil producers to stabilize the world market only if it will redeem its market share. According to experts, due to disagreement within OPEC, particularly between Saudi Arabia and Iran, there's not expect a significant impact of negotiations on prices.

(raw materials / closing price /% change)

Oil 47.29 -0.73%

Gold 1,324.00 -0.14%