(raw materials / closing price /% change)

Light Crude 92.75 -0.18%

Gold 1,234.00 -0.09%

West Texas Intermediate rebounded after the dollar slid from a 14-month high, increasing the appeal of oil as an investment. Brent erased losses after falling to a two-year low.

Futures rose as much as 0.4 percent in New York after the Bloomberg dollar index, which tracks the greenback against 10 major counterparts, fell from the highest level since July 2013.

"The dollar deserves to come off a little bit with its recent strength," said Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. "On the lack of any bullish news, oil will continue to trade sideways."

WTI for October delivery climbed 36 cents to $92.63 a barrel on the New York Mercantile Exchange at 10:49 a.m. Volume was 27 percent higher than the 100-day average.

Brent for October settlement, which expires today, rose 14 cents to $97.25 a barrel on the London-based ICE Futures Europe exchange. It earlier touched $96.21 a barrel, the lowest since July 2, 2012. The more active November contract gained 34 cents to $98.30. The volume of all futures traded was 11 percent below the 100-day average.

Gold prices rebounded from an eight-month low after the growth index of manufacturing activity in New York in September was the highest in four years.

Federal Reserve Bank of New York said that the business activity index rose this month to 27.5 from 14.7 in August. Analysts had expected the index to rise only to 15.0 in September. On the index, a reading above 0.0 reflect the increase in activity, below - its decline.

Optimistic data added to speculation that the Fed is already in the upcoming meeting this week may give a hint of an early increase in interest rates.

The dollar was strong demand amid speculation that Fed officials are taking a more aggressive stance, perhaps, not to mention the intention to keep rates low for "an extended time."

The Central Bank is expected to reduce the amount of the asset purchase program by another $ 10 billion on its way to full completion in October and higher interest rates in mid-2015.

For storage of gold funds are required, and it is inferior to the competition with earning assets when interest rates rise.

The cost of the October gold futures on the COMEX today rose to 1238.00 dollars per ounce.