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Brent crude traded near its lowest level in four years amid speculation that a drop in OPEC output last month won't eliminate a supply glut.

Futures declined for a third day. The Organization of Petroleum Exporting Countries said its production dropped by 226,400 barrels a day to 30.253 million in October, the largest decrease since March. West Texas Intermediate crude slid on forecasts that U.S. inventories rose for a sixth week.

"That factors that brought us down here are still the main focus," said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut. "Even though OPEC said it cut production, we continue to have fears that we have a global supply glut. We can see another build in U.S. stockpiles this week."

Brent for December settlement declined 58 cents, or 0.7 percent, to $81.09 a barrel at 9:07 a.m. New York time on the London-based ICE Futures Europe exchange. The contract, which expires tomorrow, closed at $81.67 yesterday, the lowest since October 2010. The more-active January contract was down 0.6 percent at $82.39 a barrel. The volume of all futures was 14 percent below the 100-day average.

WTI for December delivery dropped 72 cents, or 0.9 percent, to $77.22 a barrel on the New York Mercantile Exchange. Volume was 9.1 percent below the 100-day average. The U.S. benchmark crude was at a $3.86 discount to Brent on the ICE.

Gold prices stable amid rising dollar to four-year high and outflows of funds backed by gold.

The world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Tuesday fell 0.12 percent to 724.46 tons of six-year low.

"I see no reason for the growth of gold at the rise of the dollar and the stock price and given the impending rise in interest rates. The gold market is now heavily dependent on the appreciation of the yen against the dollar and the decline should resume soon," - said the precious metals trader in Hong Kong.

On the Shanghai Gold Exchange Wednesday precious metal is trading at $ 02.03 an ounce more expensive than the global benchmark, whereas last week the gold in China is mainly offered at a discount to the standard.

South african producer of gold AngloGold Ashanti plans to cut some employees counting reduce costs.

The cost of December gold futures on the COMEX today is trading in the range 1159.60 - 1169.40 dollars per ounce.

Oil prices declined in today's trading. Brent Crude is currently trading -0.37% at USD81.37 and WTI Crude lost -0.64% trading at USD77.44. Investors are awaiting OPEC's monthly report scheduled for today.

A weakening global demand, a stronger U.S. dollar and no indication on the OPEC to cut output in order to support oil prices are weighing on the market. The next meeting of OPEC oil ministers, whose 12 members supply about 40 percent of the world's oil, is scheduled for November 27th.

Gold, currently trading at USD1163.00 an ounce further steadied after Friday's biggest gains in more than a four months period after its 40% loss from the all-time high reached September 2011. Gold price is still under selling pressure as the FED is expected to raise interest rates but found support in a weakening U.S. dollar as investors were taking profits in selling the greenback making the precious metal cheaper for investors using other currencies.

GOLD currently trading at USD1163.00

(raw materials / closing price /% change)

Light Crude 77.53-0.53%

Gold 1,163.40 +0.03%