(raw materials / closing price /% change)

Light Crude 94.71 -0.18%

Gold 1,235.60 -0.09%

West Texas Intermediate and Brent crudes climbed after OPEC's Secretary General said the group may cut output targets next year.

Abdalla El-Badri said today that the Organization of Petroleum Exporting Countries' production quota could fall 500,000 barrels a day to 29.5 million barrels a day next year. El-Badri was speaking at OPEC's secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today. WTI has tumbled 13 percent since touching $107.73 a barrel on June 20 as Asian and European economies have showed signs of slowing while crude output gained.

"After the significant decline in prices, investors were looking for a reason to get into the market and El-Badri's comments gave them that," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone. "El-Badri said this was an outlook not a decision, but the market is still taking it as a positive sign."

WTI for October delivery rose 73 cents, or 0.8 percent, to $93.65 a barrel at 10:39 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 11 percent above the 100-day average for the time of day. Prices have decreased 4.8 percent this year.

Brent for November settlement increased 93 cents, or 1 percent, to $98.81 a barrel on the London-based ICE Futures Europe exchange. Volumes were 6.1 percent lower than the 100-day average. The October contract expired yesterday, falling 46 cents to $96.65 a barrel.

Gold prices have risen, but are still trading in a limited range, as investors took a wait and see attitude on the eve of the two-day meeting of the Federal Reserve's definition of monetary policy, which is due to start today.

Investors switched their attention to the upcoming meeting of the Fed's monetary policy amid speculation that the central bank of the USA can come to a more aggressive formulation.

The dollar was high demand, as 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.

Fed officials will release updated projections for economic growth and rising interest rates during the two-day meeting, extending the forecast horizon to 2017.

Market participants also focused attention at a press conference led by Fed Chairman Janet Yellen, expected on Wednesday, with the aim of finding clues to the timing of the first increase in interest rates in the United States since 2006.

Investors are also awaiting a vote on Scottish independence on Thursday, as the outcome of the referendum is difficult to predict, as polls show mixed results. Support the campaign for full independence could lead to the disintegration of the United Kingdom.

The cost of the October gold futures on the COMEX today rose to 1242.20 dollars per ounce.