(raw materials / closing price /% change)

Light Crude 74.41 -3.59%

Gold 1,162.00 +0.04%

Brent crude extended losses below $80 a barrel amid signs that OPEC remains unwilling to reduce output to ease a supply glut. West Texas Intermediate fell before inventory data.

Brent slid as much as 2.1 percent to the lowest since September 2010. Speculation of a price war within OPEC "has no basis in reality," Saudi Arabia Oil Minister Ali Al-Naimi said yesterday. Slumping oil prices reflect a growing consensus among traders and investors that OPEC will maintain output, Goldman Sachs Group Inc. said. Crude stockpiles in the U.S. rose for a sixth week, a Bloomberg News survey showed before government data today.

"The market is looking for any signs of OPEC production cuts but it doesn't look like Naimi is in a hurry to do that," said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. "The market is just testing OPEC's resolve. It's full speed ahead until something changes."

Brent for December settlement, which expires today, dropped $1.29, or 1.6 percent, to $79.09 a barrel at 9:02 a.m. New York time on the London-based ICE Futures Europe exchange after falling to $78.71. The more active January contract was down $1.35 at $79.77. The volume of all futures traded was about 27 percent above the 100-day average for the time of day.

Gold prices traded in a range, disregarding the report on the number of applications for unemployment benefits in the United States.

The number of initial claims for unemployment benefits rose last week but remained at a level indicative of an improved situation on the labor market. This is according to the Labor Department, published on Thursday. According to the report, the number of initial claims for unemployment benefits in the week of November 2-8 increased by 12,000 and adjusted for seasonal variation was 290 000. Economists had expected that the number of applications was 282,000.

The world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Wednesday fell by 0.25 per cent to six-year low 722.67 tons.

According to the World Gold Council, the demand for the precious metal in the third quarter was minimal for almost five years, despite the increase in demand in India on the eve of the season of religious holidays and weddings. Council for the second time in three months reduced the forecast of annual gold consumption in China.

Cost December gold futures on the COMEX today is trading in the range 1153.00 - 1167.40 dollars per ounce.

Oil prices declined again in today's session with Brent Crude trading -1.12% at USD79.48 a barrel at new four-year lows and WTI Crude losing -0.49% trading at USD76.80 as the OPEC still resists to cut production and reduced export prices to the U.S. A weakening global demand has weighed over oil prices for the last months.

The OPEC with its 12 member countries responsible for 40% of world's oil production is scheduled to meet in Vienna on November 27 to discuss 2015 production target.

Gold, currently trading at USD1162.60 an ounce further steadied ahead of important U.S. data on jobless claims later today at 13:30 GMT as well as retail sales report due on Friday for further indications of future U.S. economic growth that may lead to a raise in interest rates by the FED more sooner than later. A strong U.S. dollar and higher interest rates weigh on gold.

GOLD currently trading at USD1162.60

BLOOMBERG

Brent Drop From Four-Year Low as OPEC Seen Resisting Cuts

Brent Crude extended losses from a four-year low, trading near $80 a barrel amid signs that OPEC remains unwilling to reduce output to ease concern of a global supply glut. West Texas Intermediate was steady in New York.

Futures slid as much as 0.7 percent in London, declining from the lowest close since September 2010. Saudi Arabia is committed to a stable market and speculation of a price war within the Organization of Petroleum Exporting Countries "has no basis in reality," Oil Minister Ali Al-Naimi said yesterday in Acapulco, Mexico.

Source: http://www.bloomberg.com/news/2014-11-13/oil-extends-drop-to-3-year-low-as-opec-unlikely-to-cut.html

INVESTING.COM

AUD/USD almost unchanged after Australian inflation data

The Australian dollar was almost unchanged against its U.S. counterpart on Thursday, after data showed that inflation expectations in Australia rose last month, while demand for the greenback remained broadly supported.

Source: http://www.investing.com/news/forex-news/forex---aud-usd-almost-unchanged-after-australian-inflation-data-316573

REUTERS

Global banks entering higher-stake phase of forex probes

The $4.3 billion in civil settlements struck Wednesday between six global banks and U.S. and U.K. authorities over foreign exchange market manipulation sets the stage for negotiations over related ongoing probes that could bear much more severe consequences.Citigroup, UBS, HSBC, Royal Bank of Scotland, JPMorgan Chase and Bank of America agreed to make the payment to settle civil claims they failed to stop traders from trying to rig the foreign exchange market.

Source: http://www.reuters.com/article/2014/11/13/us-banks-forex-settlement-criminal-idUSKCN0IX01H20141113