(raw materials / closing price /% change)

Light Crude 90.45 +0.12

Gold 1,207.20 -0.01%

The cost of oil futures fell slightly today, due to the still high rate of the American currency and an abundance of oil in the world market.

It is worth emphasizing that the dollar is close to a four-year maximum to a basket of six major currencies. Experts expect that the Fed could start raising interest rates by mid-2015, based on the good performance of the labor market. Presented data on Friday showed that the number of jobs in the United States in September grew by 248,000 and the unemployment rate fell to 5.9 percent, the lowest level since July 2008.

"High volume production push down oil prices with a view to preserving the low demand for the weakening in global economic recovery," - said a senior resource analyst at Samsung Futures Inc. in Seoul, Hong Sung Ki.

Experts point out that in recent months the world's supply significantly exceeds demand, sparking speculation among traders that the Organization of Petroleum Exporting Countries will reduce production to keep prices high. New arguments in favor of this step may appear this week in the form of regular monthly reports US Energy Information Administration and OPEC is likely that they will again be lowered forecasts for global oil demand. Data released last week showed that the production of OPEC countries reached in September two-year high of 31 million barrels per day.

"I believe that the price of Brent dropped enough: $ 90 - this is the minimum price at which Saudi Arabia can keep public spending at current levels. For countries such as Iran and Russia, oil prices are already below the level needed to maintain government spending ", - said economist Mitsubishi Corp in Tokyo Tony Noonan. -" Despite all the geopolitical risks, the market is still too much oil. This continues the past six months but ahead of winter - high season. "

The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 89.43 a barrel on the New York Mercantile Exchange (NYMEX).

November futures price for North Sea Brent crude oil mixture fell $ 0.48 to $ 91.53 a barrel on the London exchange ICE Futures Europe.

Gold prices increased significantly today, while reaching a high of $ 1,200 an ounce, which was associated with the correction of the dollar the United States after a significant increase on Friday. Recall, better-than-expected employment data in the United States, published on Friday, the dollar strengthened and raised expectations about what the Federal Reserve System United States may raise interest rates, which will worsen the prospects for gold.

Traders said the growing demand in China is not happening. Recall Chinese markets will be closed due to a national holiday until Wednesday. Markets in Singapore, which are key trading center for gold in South-East Asia is also closed for the holiday. It is possible that a protest in Hong Kong led to a reduction in purchases of jewelry in the rest of China.

"Everyone's attention is largely drawn to the stock market than the gold market", "- said one of the traders in Shanghai on the market of precious metals. - "I believe that demand will grow only around the end of the year."

In India, the world's second largest consumer of gold, the demand on the eve of Diwali is growing moderately. This festival this year will be celebrated on 23 October. Normally a time of purchase of gold in India are the most active. At the same time, the weakening rupee negates the decrease in the international price of gold, and prices in India have hardly changed. India imports almost all of the gold consumed, and fluctuations in foreign currency exchange rates significantly affect the price of gold in the Indian market. Premiums for gold, recorded in the price of the metal in India, in addition to international prices, in the last two weeks have doubled to about $ 15 an ounce, reflecting the growth in demand. At the same time, the premium by about a quarter below the levels seen earlier this year.

Meanwhile, we add that, according to the Commission on the Commodity Futures Trading on Friday speculators cut their bullish bets for futures and options on gold to its lowest level since early January, and recorded on the 7th weekly fall.

The cost of the December gold futures on the COMEX today rose to 1201.00 dollars per ounce.