Oil prices continued to rise as the US market opened today, rising for the fifth consecutive day to 6-week highs, as the new Saudi energy minister confirmed his commitment to the current oil policy, and to continue cutting output within the OPEC agreement to reach a better balance in the market, and ahead of preliminary data on the US oil inventories.

WTI rose to $58.52 a barrel (the highest since July 31), from the opening of $57.99, with a low of $57.85.

Brent rose to $63.28 a barrel (the highest since August 1st), from the opening of $62.82, with a low of $62.57.

WTI closed higher by 2.5% yesterday, and Brent futures rose by 1.6%, in their fourth consecutive daily gain, after a decline in the US drilling activities.

King Salman appointed one of his son, Prince Abdulaziz, as the Minister of Energy, to replace Khalid Al-Falih, which is the first time the Ministry of Energy is appointed to a member of the royal family.

 Abdul Aziz bin Salman that there will be no shift in the country's policy and the OPEC's agreement to cut global oil production by 1.2 million barrels per day is continuing, and that the alliance OPEC Plus will continue for the long term.

A joint OPEC Plus technical committee will meet on Thursday in Abu Dhabi to discuss an output cut to support the market.

The American Petroleum Institute (API) will release preliminary data on US oil inventories, with forecasts for the third weekly drop while the official data will be released tomorrow by the EIA.

Gold prices fell today in the European market, to extend losses for the fourth straight day to 1-month low, on weak haven demand while dollar rose against a basket of currencies.

Gold prices fell by 0.8% to $1,486.43 an ounce (the lowest since August 13th), from the opening of $1,498.84, with a high of $1,499.91.

Yesterday, Gold closed lower by 0.5%, its third daily loss in a row, on the improved risk appetite in markets.

During last week's trading, gold prices fell 0.9%, the second consecutive weekly loss, on profit-taking from a 6-year high at $1,557.01.

Meanwhile, the US-China trade war concerns eased, especially after last week's announcement the US and Chinese officials will meet in the first of October to discuss a trade agreement.

US Treasury Secretary Steven Mnuchin told Fox News  that Washington and Beijing have reached a lot of progress in the talks, and the US side is fully prepared to negotiate.

The dollar index rose by 0.1% today against a basket of currencies, which doesn't favor most metals and commodities denominated in dollars.

Dollar drew support from the 10-year US Treasury yield rising to a 3-week high, as market risk appetite improved and recession fears in the US eased.

Gold holdings at SPDR Gold Trust, fell yesterday by 7.33 metric tons (the largest declining since August 13th), to a total of 882.42 metric tons, to surrender the highest since November 22, 2016 of 895.9 mt.

European stocks opened lower today, for the second session on profit taking from the 6-week highs reached yesterday, amid Brexit uncertainty, especially after BPM Boris Johnson pledged not to extend the Brexit for another three months.

As of 10:50 GMT, Stoxx Europe 600 Index fell by 0.3%, while the index closed lower by 0.3% yesterday, its first loss in the last four days, on profit taking.

The index opened lower today, to extend its losses for the second day on profit taking from the 6-week highs reached yesterday, with most of the European markets and sectors falling.

British Prime Minister Boris Johnson pledged today not to request from the EU to extend the Brexit deadline for a new period of time, which came after a new law requiring the Brexit to be delayed until January 31, 2020, unless a final agreement with Brussels is reached.

The House of Commons rejected early in today's morning the second attempt by Boris Johnson to hold early general elections on October 15th.

In terms of trading, S&P 500 futures fell by 0.4%, while it closed yesterday in Wall Street stable, after it hit earlier the highest level in a month and a half.

Euro Stoxx 50 index fell by 0.3%, in France the CAC 40 fell by 0.5%, while Germany's DAX fell by 0.1%, and in London, the FTSE 100 fell by 0.2%.

British pound rose against US dollar today, rising for the second straight day, near touching the 6-week high it hit yesterday, which comes after strong growth data in the UK and the recent development's in the Brexit file before the suspension of the British parliament, and ahead of important labor data market later today.

GBP/USD rose by 0.3% to $1.2379, from the opening of $1.2344, with a low of $1.2335.

Sterling closed higher by 0.5% against dollar yesterday, to a 6-week high of $1.2384 on strong UK economic data.

This data showed that the British economy grew by 0.3% in July, higher than forecasts of 0.1%.

The British parliament rejected a vote proposed by Johnson for early elections ahead of a five-week suspension of parliament until October 14th, which is two weeks before the Brexit deadline.

Johnson's proposal for the election received only 293 votes, less than the two-thirds majority needed to pass it, in the latest blow from the parliament to the prime minister within a week.

Queen Elizabeth II on Monday ratified a legislative bill requiring the prime minister to request from the EU to postpone the Brexit for three months if no agreement is reached with Brussels before October 31.

While investors are anticipating important labor market data, which are strong indicators on the health of the British economy during Q3, as in case of positive data sterling will extend its gains.

By 08:30 GMT, the change in unemployment claims for August will be released, wit forecasts of a rise by 29.3K vs. 28.0K in July.

July's Unemployment Rate is expected to be same as the previous reading at 3.9%, and the average earnings index is expected to rise by 3.7% unchanged from the previous reading.