The price of oil continued to fall today, again dropping below $ 69 per barrel (Brent) and $ 66 per barrel (WTI), which is associated with yesterday's decision of Saudi Arabia to lower their selling prices in the US and Asia to its lowest level in 14 years. Attempted a move seen as reinforcing the fight for market share of the kingdom with cheaper US shale oil. "The market reacts to news of Saudi Arabia. We have yet to see how it will respond to competitors, "- said the expert Mizuho Securities Bob Yeager.

The battle for market share is likely to worsen in the next year, when Iraq begins to export more oil Iraqi Kurdistan in the recently concluded agreement. However, analysts believe that oil prices will jump in the next two years, when the market stabilizes from steep losses. Experts estimate Reuters, in 2015 futures price for Brent could reach 82.50 dollars per barrel.

Little support prices today have strong data on US labor market, which showed that the number of jobs increased in November by 321 thousand. After a revised growth of 243 thousand. A month earlier. Increase was the highest since January 2012. Experts forecast growth rate to 225 thousand. With previously announced 214 thousand. Meanwhile, the unemployment rate remained at 5.8%, as expected. Stable growth of jobs in the US economy, raising incomes and domestic demand is likely to continue in the near term. Share of the population in the labor force in November remained at 62.8%. Average hourly earnings in the US last month increased by 0.4% compared to October, to $ 24.66, and 2.1% in annual terms. The average workweek in October rose by 6 minutes and 34.6 hours.

In addition, a report on oil reserves in the United States, published yesterday, put pressure on prices. EIA data reflected the growth in production at 9.08 million. For the week of November 28, which is the highest rate since January 1983.

Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) dropped to 65.56 dollars per barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mix fell $ 0.60, to $ 68.86 a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices dropped significantly today, dropping at the same time below $ 1,200 per ounce, which was related to the strengthening of the dollar after the release of strong data on US labor market, which increased the likelihood of an earlier Fed rate hike.

The dollar index, calculated by Bloomberg and tracks the US dollar against 10 major world currencies, jumped during the auction at 0.7%, up to a maximum in March 2009.

Earlier it was reported that the number of people employed in non-agricultural sectors of the economy grew a seasonally adjusted 321,000 in the last month, this is the strongest hiring month since January 2012. Hiring was broad-based across the economy, led to a marked increase in the sector of professional and business services. Changes showed that employers added more 44 000 jobs in September and October than previously thought. Employment in October was revised up to 243,000 from 214,000, and September increased by 271 000 has been revised to 256 000. The unemployment rate, which is obtained from a separate survey of households in the US was 5.8% in November, unchanged from the previous month, remaining at its lowest level since mid-2008. Economists had expected employment to increase by 225,000 in November, and the unemployment rate will remain unchanged.

"The report was just stunning - the analyst noted Commonwealth Foreign Exchange Omer Eshiner. - He may well give rise to speculation that the Fed will be to raise rates before the middle of next year, which will cause a further increase in the dollar. "

"The growth of gold is partly due to the performance and demand in the physical market, but the main factor for this market - macroeconomics. The main theme - the strengthening of the dollar and US economic growth - is preserved "- said an analyst at Mitsubishi Jonathan Butler.

As for the situation in the physical market in China, there is gold sold at a premium of $ 01.02 per ounce to the spot price. Also, today's data from the Istanbul Gold Exchange showed that Turkey in November, more than double the gold imports to 46.9 tons (maximum amount more than six years).

Cost of January futures for gold on the COMEX today fell $ 8.12 to 1194.20 dollars per ounce.

Oil is trading lower today after Saudi Arabia lowered official selling prices for the U.S. and Asia yesterday just a week after it refused to trim OPEC's output. The official selling price of all grades of oil supplied to Asia in January, will be reduced by 1.5-1.9 per barrel compared to the December prices. Prices for all grades of oil supplied to the United States, were also reduced by 10-90 cents per barrel. The largest producer and exporter of the OPEC is fighting for market share with other producers. Crude declined 18% last month. Brent Crude lost -0.62% trading at USD69.21 a barrel, and West Texas Intermediate lost -0.66% currently quoted at USD66.37.

Gold declined a second day currently quoted at USD1,204.00 a troy ounce just above the important level of USD1,200 weighed by a strong U.S. dollar and ahead of the closely watched U.S. Nonfarm Payrolls and Unemployment rate. Good job data may lead U.S. policy makers to raise benchmark interest rates rather sooner than later. ECB president Mario Draghi's comments at yesterday's press conference in Frankfurt weighed on the precious metal as he ruled out buying bullion. Still gold is heading for its best week in 10 months after recovering from a three-week low on Monday. Physical demand strengthened.

GOLD currently trading at USD1,204.00