West Texas Intermediate futures for February delivery fell to $37.22 (-1.72%), while Brent crude declined to $37.47 (-0.85%) amid supply glut concerns after posting substantial gains in the previous session.

The Energy Information Administration will release its U.S. crude oil inventories data later today. Analysts expect to see a decline. Nevertheless Bloomberg News said that supplies would still be over 120 million barrels above the five-year average for this season.

Gold is currently at $1,069.60 (+0.15%) amid low trading volumes. This week trading is likely to remain thin. Gold is expected to be range-bound for the rest of the year tracking oil prices and the dollar.

Some analysts expect gold to trade lower and decline to $1,000 an ounce at the beginning of 2016 amid prospects of further rate hikes by the Federal Reserve.

(raw materials / closing price /% change)

Oil 37.33 -1.43%

Gold 1,068.50 +0.05%