(raw materials / closing price /% change)

Light Crude 97.63 +0.30%

Gold 1,314.50 +0.15%

Brent crude traded near its lowest closing level in nine months on speculation that supplies remain sufficient to meet demand. West Texas Intermediate was near a six-month low.

Futures were little changed in London. In Iraq, Kurdish exports remain unaffected by turmoil that also has spared supply from the nation's south, home to more than three-quarters of its crude output. Libyan lawmakers ordered feuding militias and other groups to end their fighting. Crude stockpiles remain above last year's level in the U.S., the world's biggest consumer, according to the Energy Information Administration.

"Market participants are overestimating the current level of oversupply on the market, while at the same time underestimating the risks of future production outages," Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.

Brent for September settlement rose 3 cents to $104.62 a barrel on the London-based ICE Futures Europe exchange at 12:52 p.m. local time. It closed at $104.59 yesterday, the lowest since Nov. 7. The European benchmark crude was at a premium of $7.61 to WTI, after closing at $7.67 yesterday. The grade has lost 5.6 percent this year.

WTI for September delivery advanced 9 cents to $97.01 in electronic trading on the New York Mercantile Exchange. It declined earlier to $96.55 a barrel, the lowest since Feb. 4. The volume of all futures traded was about 5 percent below the 100-day average. Prices are down 1.4 percent this year.

Gold prices are kept in one-week high after data showed last week that the number of applications for unemployment benefits in the United States fell more than expected.

United States Department of Labor reported that the number of people who filed initial applications for unemployment benefits last week fell by 14 thousand. To 289 thousand. Analysts had expected that this figure will grow by 2 thousand. 305 thousand.

The average value over the past four weeks was 293.5 thousand., Down 4 thousand. Values ​​from the previous week's 297.5 thousand., The lowest level since February 2006.

The monthly average is seen as a more accurate indicator of trends in the labor market, since it reduces the volatility of the weekly data.

Meanwhile, in the euro area, as many expected, the ECB announced that it leaves its main refinancing rate at 0.15%.

The central bank also kept the marginal rate of 0.40% and the deposit rate left unchanged at -0.10%.

During the press conference held after the meeting of the ECB, Draghi said that the central bank will continue to monitor developments and will consider all available tools to support growth.

Gold previously received support after Russia announced a ban on imports of certain products from the United States and Europe, in retaliation for sanctions for its support of the rebels in Ukraine.

This decision was followed by the announcement of NATO that Russia has accumulated about 20,000 military on the border with Ukraine and can invade, on the pretext of humanitarian or peacekeeping mission.

Gold is often seen as a safe haven for investment in times of geopolitical instability.

The cost of the August gold futures on the COMEX today rose to $ 1307.90 per ounce.