West Texas Intermediate crude rose to a six-week high on projections of a second consecutive drop in U.S. inventories. The spread between WTI and Brent oil from the North Sea tightened to the narrowest in a month.

Futures climbed as much as 1.4 percent in New York. A government report tomorrow will probably show crude supplies slipped by 3 million barrels last week, according to the median of nine analyst responses in a Bloomberg survey. The Brent-WTI spread has shrunk more than $8 since Nov. 27. A Libyan security official said today that three oil ports will reopen Dec. 15.

WTI for January delivery rose 51 cents, or 0.5 percent, to $97.85 a barrel at 11:06 a.m. on the New York Mercantile Exchange. The contract touched $98.74, the highest level since Oct. 28. The volume of all futures traded was 5.1 percent above the 100-day average.

Brent for January settlement slipped 73 cents, or 0.7 percent, to $108.66 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 57 percent higher than the 100-day average.

The price of gold rises the third consecutive session , as a weakening dollar boosted demand for the metal from foreign buyers . Meanwhile, investors are waiting for the meeting of the U.S. Federal Reserve , which will be held next week.

Gold prices also got support from several Fed leaders comments on monetary policy made ​​the previous day , while some investors decided that the policy shift less close than previously assumed .

Fed President Bullard St. Louis said that the recent improvement in the labor market are paving the way for the Fed to cut incentives.

Fed President Jeffrey Lacker , Richmond said that although economic growth in the U.S. is unlikely to significantly accelerate in the next year , the central bank can do little more to support growth .

Yet statements by the Fed helped ease fears about the rapid collapse stimulate the U.S. central bank for the two-day meeting to be held December 17 and 18 .

Experts note that a large proportion of traders are betting that gold prices will fall , if the central bank will reduce the purchase of bonds in December , and gold prices rose when some of these investors have closed these positions in the last days .

Cost fervalskogo gold futures on the COMEX today rose to $ 1267.50 per ounce.

Gold $1,241.40 +7.20 +0.58%

Oil $97.35 +0.01 +0.01%