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Oil prices dropped on concerns over the global oil oversupply. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs increased by 2 rigs to 574 last week. It was the first rise in 11 weeks.

Market participants were concerned about that terror attacks in Paris could have a negative impact on the economic growth.

The European Central Bank (ECB) Vice President Vitor Constancio said in Frankfurt on Monday that terror attacks in Paris could have a negative impact on markets.

"It can compound all the problems that we were already facing," he said.

"Markets, so far, are taking it calmly," Constancio added.

WTI crude oil for December delivery dropped to $40.19 a barrel on the New York Mercantile Exchange.

Brent crude oil for December fell to $43.31 a barrel on ICE Futures Europe.

Gold price rose on an increasing demand for safe-haven assets after Friday's terror attacks in Paris.

But gains were limited by speculation that the Fed will start raising its interest rates in December. Market participants will eye the incoming U.S. economic data. The strong U.S. economic data will weigh on gold price.

December futures for gold on the COMEX today increase to 1084.50 dollars per ounce.

The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs increased by 2 rigs to 574 last week. It was the first rise in 11 weeks.

Combined oil and gas rigs declined by 4 to 767.

West Texas Intermediate futures for December delivery advanced to $40.96 (+0.54%), while Brent crude climbed to $44.79 (+0.72%) as France launched air strikes in Syria after multiple terrorist attacks in Paris on Friday night.

Nevertheless analysts expect these moderate gains to be short-lived as oversupply persists and fundamentals remain bearish.

On Friday data from Baker Hughes surprised markets with the first increase in operating rigs in the U.S. in 11 weeks. The rig count rose by 2 to 574.

Gold jumped to $1,093.00 (+1.12%) as its safe-haven appeal improved after multiple terrorist attacks in Paris killed over 130 people and injured hundreds on Friday night. Reuters said that almost 3,000 lots changed hands in the first 10 minutes of trade on Monday, while the average for the opening 10 minutes over the past two months was 300. Weakness in stock markets could add to the metal's strength.

However some analysts say that pressure might be back on gold soon amid persistent uncertainty over the timing of a rate hike in the U.S.

(raw materials / closing price /% change)

Oil 40.73 -0.02%

Gold 1,083.40 +0.23%