Brent continued to fall as the US market opened today, extending its losses for the third day, to give up the $60 level again, due to the increased odds for an easing in US sanctions on Iran, especially after  Bloomberg reported that the US President Donald Trump discussed this to ensure the success of his meeting with Iranian President Hassan Rouhani, scheduled later this month.

As of 12:35 GMT, Brent fell to $59.60 a barrel from the opening of $61.14, with a high of $61.38, and a low of $59.56.

Brent futures closed lower by 2.7% yesterday, in the second daily loss on profit-taking from 6-week high.

Despite the increased sell-off and profit-taking, the renewed fears of oversupply in the market pushed prices lower, after Bloomberg reported an easing in US sanctions on Iran.

Bloomberg reported yesterday, that the US President Donald Trump discussed an easing in US sanctions on Iran to ensure the success of his meeting with Iranian President Hassan Rouhani, scheduled later this month.

Bloomberg added that the former national security adviser, John Bolton, who was dismissed by Trump, was against the move.

Bolton was one of the strongest supporters of the strict US stance on Iran, and his dismissal is a strong sign on the previously mentioned report, effectively paving the way for easing sanctions on Iran and the possibility of Iranian oil returning to the marke.

Official Iranian news agencies said that President of Iran Hassan Rouhani, told the French President Emmanuel Macron during a telephone call yesterday that Iran will not negotiate with Washington if the US sanctions continued.

The US economy released at 12:30 GMT, its monthly reading for the CPI, which rose by 0.1% in August, in line with forecasts while lower than the previous reading of 0.3%.

The core CPI reading (excluding food and fuel prices) showed a rise by 0.3%, higher than forecasts of 0.2% and the same as the previous reading.

US dollar rose against a basket of currencies today, to continue rising to a 1-week high, after the ECB's announcement of new stimulus measures to support the european economy, and ahead of the release of key US data on inflation and Mario Draghi's speech.

The dollar index rose by 0.3% to 98.94 points, from the opening of 98.63, with a low of  98.38 points.

Dollar rose by 0.3% yesterday, its second daily gain which came after the US 10-year treasury yields jumping to 1-month high.

Otherwise, Euro fell against dollar after the European Central Bank announced its monetary policy decisions at the end of the September 12th meeting, which included new stimulus measures to support the eurozone economy in the face of increased risks.

The bank announced a 10bp cut in deposit rates to minus 0.5%, in line with forecasts, and kept the interest rate unchanged at 0%.

The bank also announced a new bond-buying program of about 20 billion euros per month, whenever necessary for the European economy, while the bank's Chairman, Mario Draghi, will comment on the program in his speech later today by 12:30 GMT.

Investors are also anticipating the release of US inflation data for August, which provides strong evidence on the possibility of the US Fed's rates cuts for this year for the second time at the next week's meeting.

By 12:30 GMT, the US annual CPI is expected to rise by 1.8% in August, unchanged from the previous reading, and the monthly reading is expected to rise by 0.1% vs, 0.3% in July.

Gold prices rose today in the European market, for the second day to continue to recover from a 1-month low, as dollar fell against a basket of currencies, ahead of the release of key US data on inflation in addition to strong haven demand ahead of the ECB decisions and Mario Draghi's speech.

Gold prices rose by 0.6% to $1,505.88 an ounce, from the opening of $1,497.38, with a low of $1,489.24.

Yesterday, gold closed higher by 0.8%, for the first day in the last 5, in attempts to recover from a 1-month low hit in the previous day at $1,484.48.

The dollar index fell by 0.1% today, to fall from a 1-week high of 98.75 points, which favor most metals and commodities denominated in dollars.

This drop comes ahead of key US inflation data for August, which provides strong evidence on the possibility of the US Fed's rates cuts for this year for the second time at the next week's meeting.

The markets are also anticipating the ECB decisions and Governor Mario Draghi's press conference later today, with forecasts for the ECB to cut interest rates to a negative range and to announce quantitative easing policies to to stimulate the european economy, which will favor the rise safe havens, especially gold and silver.

Gold holdings at SPDR Gold Trust, remained unchanged yesterday for the second day, to a total of 882.42 metric tons (the lowest level since September 2nd).