Brent oil dropped to a four-year low amid signs the Organization of Petroleum Exporting Countries isn't prepared to tackle the global supply glut. West Texas Intermediate crude slipped in New York.

Futures fell as much as 1.8 percent in London. The oil market is oversupplied, partly because of rising U.S. output, United Arab Emirates Energy Minister Suhail Al Mazrouei said today in Abu Dhabi. OPEC members including Saudi Arabia and Iraq are resisting calls to curb output and instead cut export prices to the U.S., where production is running at the highest level in more than 30 years. The group meets Nov. 27 in Vienna.

"There's uncertainty about OPEC and whether it will or will not cut production at the Nov. 27 meeting," Kyle Cooper, director of commodities research at IAF Advisors in Houston, said by phone. "They probably wouldn't have to do that much to stabilize the market but until some action is taken there's not a lot of upside for this market."

Brent for December settlement fell $1.44, or 1.8 percent, to $80.90 a barrel on the London-based ICE Futures Europe exchange at 11:38 a.m. in New York. That's the lowest level since October 2010. The volume of all futures traded was 14 percent above the 100-day average for the time of day.

WTI for December delivery dropped 73 cents, or 0.9 percent, to $76.67 a barrel on the New York Mercantile Exchange. Volume was 8.6 lower than the 100-day average. The U.S. benchmark traded at a $4.17 discount to Brent, compared with $4.94 at yesterday's close.

The price of gold has risen dramatically in the last hour after it was is inactive most of the trades near four-year low amid rising dollar.

Dollar exchange rate rose to a seven-year peak against the yen and rising to a basket of six major currencies. Gold is trying to keep the position after a 3 percent rise in share price on Friday, but yesterday's decline shows that investors are willing to sell after the rally.

"The US is experiencing strong economic growth, which helps to strengthen the dollar and puts pressure on the gold market," - said the director of ETF Securities Australia and New Zealand's Danny Leydler.

The world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Monday fell by 0.25 percent to 725.36 tons of six-year low. On the Shanghai Gold Exchange traded precious metals on Tuesday at $ 01.02 an ounce more global benchmark, whereas before, the margin reached $ 50.

According to analysts of the hedge fund Red Kite, the price of gold may fall to $ 800-900 per ounce - its lowest level since the financial crisis of 2008-2009. According to analysts and traders polled by Reuters last week, the price could drop to $ 1,000 by the end of the year.

The cost of December gold futures on the COMEX today rose to 1160.70 dollars per ounce.

Oil prices declined in today's trading. Brent Crude is currently trading -0.69% at USD81.77 - a new four-year low, WTI Crude lost -0.54% and is trading at USD76.89.

A weakening global demand, a stronger U.S. dollar and no indication on the OPEC to cut output in order to support oil prices are weighing on the market. The next meeting of OPEC, whose 12 members supply about 40 percent of the world's oil, oil ministers is scheduled on Vienna on November 27th.

Gold, currently trading at USD1151.00 steadied after Friday's biggest gains in more than a four months period as physical demand is giving support after yesterday's selloff. Speculations on the FED raising interest rates sooner rather than later and a stronger U.S. dollar keep weighing on gold.

GOLD currently trading lower at USD1151.00 after Friday's rally

REUTERS

China deal sends shares to one-month high, ruble surges

World equity markets hit their highest level in more than a month on Monday, lifted by a deal to give global investors easier access to China's $3.9 trillion stock market and more gains in U.S. equities.

Source: http://www.reuters.com/article/2014/11/10/us-markets-global-idUSKCN0IU01620141110

INVESTING.COM

Brent oil futures sink to 4-year low amid global supply glut

Brent oil futures sank to the lowest level in more than four years on Tuesday, as ongoing concerns over a glut in world markets continued to drive prices lower. Prices recovered to last trade at $82.36 a barrel during European morning hours, down 59 cents, or 0.71%.

Source: http://www.investing.com/news/commodities-news/brent-oil-futures-sink-to-4-year-low-amid-global-supply-glut-316250

BLOOMBERG

Russia Cash Squeeze Gets First Test Today in Loan Auction

Russian policy makers' latest bid to shore up the nation's currency sounds complex but is actually simple: They will take rubles out of the hands of banks.

Fewer rubles means bankers will have less cash to buy dollars. That in turn will stem the selloff in the ruble. Or so goes the argument. On day one, the plan -- or at least the unveiling of the plan -- worked. The ruble surged 1.7 percent yesterday to 45.8525 per dollar, rebounding from a record low even as policy makers simultaneously took other steps to allow it to trade freely.

Source: http://www.bloomberg.com/news/2014-11-11/russia-cash-squeeze-gets-first-test-today-in-loan-auction.html