(raw materials / closing price /% change)

Light Crude 81.09 -0.84%

Gold 1,241.30 -0.28%

West Texas Intermediate crude traded near the lowest level in more than two years as rising U.S. production increased supplies. Brent was little changed.

Both grades have collapsed into a bear market as shale supplies boost U.S. output to the most in almost 30 years and global demand growth weakens. The largest OPEC producers are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.

"The supply boom is ongoing," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. "Nobody sees any reason to buy so people just keep selling off. The Saudis will have to cut production to stabilize the price."

WTI for November delivery rose 14 cents to $81.98 a barrel at 10:39 a.m. on the New York Mercantile Exchange after touching $80.01, the lowest level since June 29, 2012. Prices are down 24 percent from June's high of $107.26. The volume of all futures traded was more than double the 100-day average.

Brent for November settlement added 31 cents to $85.35 a barrel on the London-based ICE Futures Europe exchange after reaching $83.37, the lowest intraday price since November 2010. Volume was 75 percent above the 100-day average for the time of day. Prices have decreased 27 percent from the June high. WTI traded at a $3.37 discount to Brent on the ICE.

Gold prices rose markedly, as the dollar fell against the Japanese yen and the euro after the publication of weak economic data the United States, which suggest that the slowdown in global growth has a negative impact on the world's largest economy.

Retail sales in the United States in September decreased by 0.3% compared with the previous month, and it was the first drop in the index since January. Likely to decline in retail sales suggests a weakening of consumer demand, which is highly dependent on the growth of the American economy. Decrease in producer prices in September indicates a weakening of inflationary pressures.

These data together with the stagnation of consumer prices in Germany and the decline of inflation in China provoke increased investor concerns about slowing growth in the major economies of the world. In addition, they cause investors to cover short positions on the euro and the Japanese yen against the dollar

Market participants revised their expectations regarding the timing of the first increase in interest rates by the Federal Reserve System. Now they predict that it will happen, at least in September 2015, not in July, as the central bank recently took a more cautious approach. When the increase in interest rates in the United States is really going to happen, probably, the dollar will become more attractive currency, as higher interest rates encourage the growth of return on assets denominated in dollars.

Support gold prices also give pessimistic news from Europe: the German government has reduced economic growth forecasts for 2014-2015, the business climate index in the country for the first time in November 2012 fell below zero, and industrial production in the euro area declined in August.

India has nearly doubled in September gold imports to $ 3.75 billion on the eve of the holiday season and weddings. Margins on the Shanghai Gold Exchange held near $ 4 per ounce to the indicative spot price.

The cost of the December gold futures on the COMEX today rose to 1250.30 dollars per ounce.