(raw materials / closing price /% change)

Light Crude 91.52 0.00%

Gold 1,216.70 -0.10%

The cost of oil futures has declined today, dropping at the same time below $ 97 per barrel (Brent) and $ 91 per barrel (WTI), as sluggish demand and sufficient proposals outweighed expectations regarding the decline in oil production in the OPEC.

Recall, the OPEC countries to discuss production policy at a meeting on November 27th. Budget some cartel participants based on an oil price of not less than $ 100 per barrel, and the organization's Secretary General, said last week that OPEC may cut production next year.

"If you look at the growth in production over the last year, is seen very strong growth in the United States, mostly from non-traditional sources, and other regions outside the OPEC growth is not due to OPEC", - said economist National Australia Bank Fin Siebel.

The dynamics also affect the application of the PRC Ministry of Finance Lou Jiwei that China is not going to change its monetary policy in response to a single macro-economic indicators. The comments came at a meeting of finance ministers and central bankers of the G20 in Australia over the weekend. Statements Lowe eased speculation that China will increase the incentive to achieve the target of 7.5% growth this year.

Market participants are also awaiting the release of a preliminary purchasing managers index for the industrial sector of China from HSBC Holdings Plc. According to forecasts, in September the index dropped to the level of 50 points, compared to 50.2 points in August.

"Concerns about China's increased - said Raiffeisen Bank analyst Hannes Locker. - China's demand for fuel in the second half of the year is expected to keep steady growth rate of 3.5-4%. But if this has been slow to 2%, this will put additional pressure on the oil market. "

The focus is also the situation in Libya. Oil corporation National Oil Corp said that Libya produces 700 thousand. BOPD after suspending production at the field Shararra, which accounts for 30% of Libyan production. Refinery in Az Zawiyah remains closed after last week caused the missile strikes.

The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 90.87 a barrel on the New York Mercantile Exchange (NYMEX).

November futures price for North Sea petroleum mix of mark fell $ 1.55 to $ 96.80 a barrel on the London exchange ICE Futures Europe.

Gold prices fell slightly today, reaching at the same time the lowest level since early January. Experts point out that speculation as to the timing of rate hikes Federal Reserve fueled sales of the precious metal.

Recall, the Federal Reserve during the two-day meeting to determine policy on Sept. 17 reduced its bond-buying program by $ 10 billion on the way to its full completion in the next month. The Fed also reiterated that rates are likely to remain unchanged for a "long time" after the completion of the program, although the predicted faster pace of rate hikes.

Meanwhile, today in his speech the head of the New York Fed, William Dudley said that there is no need to hurry with the increase in interest rates, taking into account the weak economic growth and inflation expectations at low levels. He suggested that now it is better to wait for the more obvious signals that the economy is recovering United States, before taking action. However, he noted that "low interest rates are not satisfied with the Fed," and that they should be raised as soon as possible.

"Investment flows are directed to the dollar, as well as in the stock market and the bond market is the United States, and is the outflow of the precious metals market, - says Peter Hug from Kitco Metal. - It seems that investors in precious metals have surrendered. "

In such circumstances, there is a sharp decline in investment demand for gold. Assets of the world's largest holder of gold investment institutions ETFs SPDR Gold Trust up on Friday fell by 7.78 tons and fell to the level of 776.44 tonnes - the lowest rate since December 26, 2008. Withdrawal is also observed from the majority of exchange traded funds (ETF). According to Bloomberg, the assets under management of these funds have declined over the past week, nearly 20 tons to 1696 tons.

"It is difficult to return to growth after the Fed news and given the strong economic performance of the United States. Support is very weak, and a high probability of falling prices to $ 1,200, "- said a trader in precious metals in Singapore.

The cost of the October gold futures on the COMEX today dropped to 1213.30 dollars per ounce.