(raw materials / closing price /% change)

Light Crude 98.40 +0.11%

Gold 1,289.20 +0.02%

The price of oil rose slightly today, but continued to be near four-month low (grade Brent), as concerns about oversupply outweigh concerns about conflicts in North Africa and the Middle East.

Recall that the projections of a surplus of oil on the African and European markets unleashed Brent 3.3 percent last week, despite the geopolitical tensions in Iraq, Libya and Ukraine. Strong U.S. economic data showing that oil demand in the world's largest economy improves, failed to support prices.

"The downward pressure on oil prices is likely to continue," - said Rick Spooner of CMC Markets. - Geopolitical risk remains, but take into account the market risk premium in prices. "

In addition, the dynamics continue to impact data on oil and petroleum products in the United States. The Department of Energy reported that gasoline inventories in the country rose last week by 365 thousand barrels - up to 218.2 million barrels, the highest level in four months. With the average volume of gasoline consumption in the past four weeks declined, despite the peak driving season in the country, at 0.5% - to the lowest level since May.

However, market participants do not exclude the resumption of growth in oil prices. "Now that the EU and the United States took steps to close some Russian companies access to capital markets, it can cause a reduction in exports from Russia. This, as well as the situation in the Gaza Strip can support price Brent », - told Reuters Nomura analyst Gordon Kwan.

Moreover, experts say that the world has changed so OilMarket that Russia ceases to be a major player that dictates the price of oil.

Investors are also waiting for new statistical data from the United States, which must confirm the strengthening of the country's economy, which is the world's largest oil consumer. One of the most anticipated weeks of statistical reports is to publish an index of business activity in the service of the Institute for Supply Management (ISM). According to forecasts, the figure rose in July to 56.6 points from 56.0 points in June. Recall value above 50 indicates an increase in activity.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 98.03 per barrel on the New York Mercantile Exchange (NYMEX).

September futures price for North Sea Brent crude oil mixture rose 23 cents to $ 105.09 a barrel on the London exchange ICE Futures Europe.

Gold prices fell slightly today, while approaching to the level of $ 1290 per ounce, which is associated with the publication of Friday's labor market data, which were worse than expected led investors to doubt the expected increase in the Fed's key interest rate.

Add that gold is under heavy selling pressure in recent weeks, as improvements in the U.S. economy generate speculation that the Fed will raise interest rates sooner than expected, which would reduce the demand for gold for use as a hedge against the flexible monetary credit policy.

"The situation in the gold market remains poor, in part because of fears that the metal will react to the expected change in U.S. monetary forecasts - said Saxo Bank analyst Ole Hansen. - But at the same time, bond yields fell again, and the equity markets were down last week. ""It can bring back some investors back into gold, but not as a defensive asset, but as an alternative to investment," - he added.

On the dynamics of trading also reflected geopolitical factors. Some investors buy gold as insurance against political and financial instability, considering that in times of turmoil, it will retain its value more reliably than other assets.

"Even despite the fact that the tension in the Gaza Strip and the Ukraine does not weaken, its value is secondary. Direction of the price of gold is determined by the state of the U.S. economy and Fed policy," - said the company's broker Newedge Thomas Capalbo.

With regard to the physical market, there is demand remains weak against the background of the summer. In addition, many consumers expect further price declines. Premiums for gold in China is approximately $ 3 per ounce, compared with more than $ 20 early this year. Premium in other parts of Asia also remain largely stable over the last few weeks.

The cost of the August gold futures on the COMEX today fell $ 2.5 - to $ 1291.10 per ounce.

(raw materials / closing price /% change)

Light Crude 97.73 -0.15%

Gold 1,294.30 -0.04%