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Oil prices rose on concerns over oil supply from Libya and Brazil. Oil workers on Sunday began a strike at state-owned oil producer Petroleo Brasileiro. According to the International Energy Agency (IEA), Brazil produced 2.55 million barrels a day of crude oil and condensate in August.

Libya's oil company National Oil Corp. declared force majeure and suspended deliveries from the port of Zueitina.

Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.

WTI crude oil for December delivery rose to $47.16 a barrel on the New York Mercantile Exchange.

Brent crude oil for December climbed to $49.82 a barrel on ICE Futures Europe.

Gold price continued to decline on speculation that the Fed will start raising its interest rate this year. The Fed released its interest rate decision last Wednesday. The Fed pointed out that an interest rate hike in December is still on the table.

Market participants eyed the U.S. economic data. The U.S. Commerce Department released factory orders data on Tuesday. Factory orders in the U.S. slid 1.0% in September, missing expectations for a 0.9% decline, after a 2.1% drop in August.

Market participants are awaiting the release of the U.S. labour market data on Friday. The U.S. unemployment rate is expected to remain unchanged at 5.1% in October. The U.S. economy is expected to add 180,000 jobs in October, after adding 142,000 jobs in September.

December futures for gold on the COMEX today declined to 1122.70 dollars per ounce.

China's state-owned Xinhua News Agency reported on Tuesday that China's President Xi Jinping said the country's economy should expand no less than 6.5% over the next five years to reach all government's goals by 2020.

The well-known analyst of the oil sector, Gary Ross, said in an interview on Monday that he expects the OPEC to keep its oil production unchanged at its next meeting on December 04.

He noted that the global oil consumption will rise, while oil output from non-OPEC countries will fall next year.

Ross also said that he expects Brent crude to rise to $70 a barrel by the end of 2016.

He correctly predicted last year's drop in oil prices.

West Texas Intermediate futures for December delivery edged up to $46.26 (+0.26%), while Brent crude is currently at $48.83 (+0.08%). Nevertheless weaker manufacturing activity in China, the world's second-biggest consumer of crude, suggests weaker demand. Thus fundamentals remain bearish. "Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture," ANZ bank said.

Industry group the American Petroleum Institute will publish its data on U.S. crude stockpiles later today, while more accurate data by the Energy Information Administration will be released on Wednesday.

Gold slightly climbed to $1,136.90 (+0.09%), but stayed near its four-week low. Expectations that the Federal Reserve can still raise interest rates till the end of the year continue weighing on this non-interest-paying asset. Higher rates would decrease demand for gold further.

On Monday the Institute for Supply Management reported that activity in U.S. manufacturing sector was almost unchanged in October, but slightly exceeded economists' expectations. The Manufacturing PMI posted 50.1 in October vs 50.2 in September and 50 expected. The new orders sub-index rose giving hope for better results in the future.

Assets in SPDR Gold Trust, world's largest gold-backed exchange-traded fund, fell 0.43% to 689.28 tonnes on Monday, the lowest level in three weeks.