Brent crude climbed, extending its premium over West Texas Intermediate to a seven-month high, as recurring unrest in Libya disrupted the country’s oil exports.

Futures rose as demonstrators at Libya’s Hariga port stopped a tanker from loading, said Mohamed Elharari, a spokesman for state-run National Oil Corp. Iran and six world powers ended a meeting over the weekend without coming to an agreement on the nation’s nuclear program. WTI has fallen for the past five weeks as U.S. inventories surged.

Brent oil for December settlement, which expires tomorrow, increased $1.39, or 1.3 percent, to $107.20 a barrel on the London-based ICE Futures Europe exchange at 11:11 a.m. New York time. The more-active January contract rose $1.36, or 1.3 percent, to $106.90. The volume of all futures traded was 13 percent higher than the 100-day average.

WTI for December delivery advanced $1.41, or 1.5 percent, to $93.45 a barrel on the New York Mercantile Exchange. The contract tumbled $2.10, or 2.2 percent, to $93.04 yesterday, the lowest settlement since May 31. Volume was 24 percent above the 100-day average.

The value of gold is increasing for the first time in five sessions , as investors chose to take profits after the eve of gold fell to one-month low.

On Tuesday, the head of the Central Bank of Dallas, Richard Fisher recommended markets to prepare for a possible early reduction of QE- 3 . In addition , the head of the central bank of Atlanta Dennis Lockhart said the Fed will be actively discussing the possibility of reducing the volume of program to buy assets in December.

Experts believe that the market looks concerned because the reduction of quantitative easing could begin sooner or later , a strong dollar and generally good economic statistics reduce the interest in precious metals .

Output last Friday which exceeded forecasts of Labor Statistics in the U.S. has led many investors to reconsider the timing estimates to minimize the program of quantitative easing, and now they are waiting for comments of the candidate for president Janet Yellen Federal Reserve in the Senate on Thursday .

The cost of the December gold futures on COMEX today rose to $ 1279.80 per ounce.

GOLD 1,267.40 -13.70 -1.07%

OIL (WTI) 93.11 -2.03 -2.13%