Oil prices traded higher on a weaker U.S. dollar. The greenback declined against other currencies after the release of the weak U.S. economic data. The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. rose 0.2% in October, missing expectations for a 1.5% gain, after a 1.6% drop in September.

The Institute for Supply Management released its Chicago purchasing managers' index on Monday. The Chicago purchasing managers' index dropped to 48.7 in November from 56.2 in October, missing expectations for a decrease to 54.0.

Markets participants were cautious. The OPEC will meet in Vienna on December 04 to decide on the oil output limit. Analysts expect the OPEC to keep its output limit unchanged.

WTI crude oil for January delivery rose to $42.44 a barrel on the New York Mercantile Exchange.

Brent crude oil for January climbed to $45.29 a barrel on ICE Futures Europe.

Gold price rose on a weak U.S. economic data. The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. rose 0.2% in October, missing expectations for a 1.5% gain, after a 1.6% drop in September.

The Institute for Supply Management released its Chicago purchasing managers' index on Monday. The Chicago purchasing managers' index dropped to 48.7 in November from 56.2 in October, missing expectations for a decrease to 54.0.

A reading above the 50 mark indicates expansion, a reading below 50 indicates contraction.

The drop was mainly driven by a fall in new orders. The new orders index was down to 44.1 in November from 59.4 in October. It was the lowest reading since March.

But gains were limited as market participants speculate that the Fed will start raising its interest rate in December.

December futures for gold on the COMEX today increased 1062.60 dollars per ounce.

Kuwait replaced its oil minister on Sunday. Anas al-Saleh was appointed as oil minister. He replaced Ali Al-Omair, who became minister of public affairs. Omair will retain his position as state minister for parliamentary affairs.

Saleh is currently the finance minister. He will retain his position.

The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna on December 04 to decide on the oil output limit.

The International Monetary Fund (IMF) is likely to add the yuan to its basket of reserve currencies this Monday. The IMF's basket of reserve currencies (Special Drawing Rights SDR)) includes the yen, euro, pound and U.S. dollar.

The IMF Managing Director Christine Lagarde have already endorsed the idea.

The SDR totals $280 billion. It was modified was in 2000, when the euro replaced the German Deutsche Mark and the French franc.

West Texas Intermediate futures for January delivery is currently at $41.78 (+0.17%), while Brent crude is at $44.74 (-0.27%). Both contracts are about to post declines of nearly 10% in November.

Investors are preparing for OPEC meeting scheduled for December 4. There is speculation that the group, led by Saudi Arabia, will amend its policy and decrease production in order to support prices. However many analysts still doubt that OPEC will take this step.

Traders are also waiting for the key U.S. employment report, which is also expected to be released on Friday. These data would increase volatility of the dollar and affect the dollar-denominated crude.

Gold is currently at $1,055.80 (-0.04%) after a sharp decline on Friday. The precious metal is weighed by expectations of an interest rate hike on December 15-16 when the Federal Reserve's Federal Open Market Committee meets next. For now bullion is on track to post a nearly 7.5% drop this month (the biggest monthly decline since June 2013). The dollar's strength also weighs on gold.

Investors are waiting for the U.S. jobs report due on Friday. Strong data would intensify expectations for higher rates in December and could push bullion further down.

(raw materials / closing price /% change)

Oil 41.77 +0.14%

Gold 1,055.90 -0.03%