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Oil prices rose more than 2 percent after falling by about $ 4 per barrel last week, but then went back into the red zone, as investors remain concerned about global oversupply.

Due to oversupply, Goldman Sachs note that in the near future should not expect the oil price recovery. "We expect that oil prices will remain in the area of ​​$ 45 to $ 50 per barrel, at least until mid-2017, but it is necessary to take into account the existing risks".

"The market is continually focusing on oversupply, the bearish trend seems to be difficult to change in the near future", - said Hans van Cleef, ABN AMRO.

It is worth emphasizing that Brent oil futures fell nearly 21% from the highs reached in early June as expectations of increased exports from the Middle East and North Africa have raised concern that an excess of oil will reduce demand from refineries.

Some support was given from the weakening dollar, which potentially increases demand for oil, making it cheaper for buyers using other currencies.

Market participants are also waiting for data on US petroleum inventories. Later, a report of the American Petroleum Institute (API) will be published and official data from the Ministry of Energy will be known tomorrow. It is estimated that the Ministry of Energy reported that oil and gasoline declined last week to 1.75 million and 1 million barrels respectively, but nonetheless remained at very high levels for the current season.

The cost of the September futures on WTI fell to 39.92 dollars per barrel.

September futures price for North Sea petroleum mix of mark Brent fell to 41.55 dollars a barrel on the London Stock Exchange ICE Futures Europe.

The price of gold has increased by about 1 percent, helped by the dollar falling to a 6-week low against the euro.

Dollar continues to remain under pressure after the latest data on the US economy intensified investors' doubts the possibility of interest rates hikes by the Federal Reserve in the current year. The precious metal is sensitive to higher interest rates in the United States, but a gradual increase in rates carries less of a threat to the gold price than a series of hikes.

"People are concerned that US interest rates will not rise in the near future, and the stock market overheating further reinforces these concerns," - said ING analyst Hamza Khan.

US Federal Reserve officials expressed different views regarding the rate increase: Dallas Fed President Kaplan called for caution, while the president of the Federal Reserve Bank of San Francisco, Williams noted that the Fed could raise rates up to two times by the end of this year.

The rise in gold prices by 28 percent this year was largely due to a decrease of expectations that the Fed in the near future will continue to raise interest rates.

Gold reserves in the largest investment fund, SPDR Gold Trust, rose on Monday 8.9 tonnes, recording a maximum one-day inflow from the end of June.

The cost of the August gold futures on COMEX rose to $ 1365.00 per ounce.

The price of dairy products increased by 6.6% after it remained unchanged at the previous auction. It is worth emphasizing the latter increase was the most significant since the beginning of October 2015.

Dairy products make up a significant proportion of New Zealand's exports, so the dynamics of their prices has a direct impact on the New Zealand dollar. After the announcement of the results of the auction a NZD / USD rose to 0.7231.

This morning, New York crude oil futures for WTI grew by 0.52% to $ 40.27 and crude oil futures for Brent rose by + 0.57% to $ 42.38 per barrel. Thus, the black gold has increased in anticipation of the release of data on trade in US oil inventories. According to economists, the US reserves of crude oil and gasoline fell in the last week 1.75 million and 1 million barrels respectively. However, the values remain at the highest marks for the current season in the last two decades.