The US dollar fell during the European session on Monday, to resume its losses, after pausing on Friday within recovery attempts from a 4-week low, after the release of weak Chinese data that renewed concerns about the impact of the ongoing trade war between the US and China.

The dollar index lost more than 0.1% to 97.56 points, after opening at 97.68, and hit an intraday high of 97.72.

The index rose by 0.3% on Friday, its first gain in the last 7 days, and the largest since Nov.22, within its recovery from a 4-week low of 97.36 points.

Those gains were buoyed by robust US jobs data, which reduced the odds for the US Fed to cut the interest rates for the fourth time this year.

The US Department of Labor revealed on Friday that the economy has added 266K new jobs in November, more than forecasts of 181K jobs, and higher than October's revised reading of 156K from 128K new jobs. 

During last week, the dollar index lost 0.6%, posting its first weekly loss in the last 3 weeks, after weak manufacturing and services data in the US.

Chinese exports fell for the fourth straight month in November by 1.1% compared to last year, lower than forecasts of a rise by 1%, which renewed concerns about the impact of the ongoing trade war between the US and China.

Brent prices remained lower as the US market opened on Monday to surrender a 3-month high and head to the first daily loss in the last 6 days on profit-taking and slowdown concerns after the release of weak Chinese exports data, but losses are ebbed by a drop in US drilling activities and renewed hopes about a trade deal between the US and China.

Brent crude fell to $63.64 a barrel, after opening at $64.34, with a high of $64.40.

Brent futures gained 1.7% on Friday and posted a 3-month high of $64.86.

Those gains were achieved after the OPEC-Plus coalition announced on Friday agreeing on further output cuts by about 500K barrels per day until the end of next March.

In the new agreement the total production cut between OPEC and the independent producers amount to 1.7 million bpd, around 1.7% of global production and will be implemented only within 3 months, and didn't pledge any new measures for after the end of March 2020.

OPEC-Plus also decided to hold an extraordinary general meeting in March 2020, to review the production policy and assess the extent to which the new cut would be more effective.

Goldman Sachs said "this decision reflects an important shift in strategy to managing short-term imbalances rather than trying to correct long-term imbalances through open-ended commitments".

During the last week, oil prices gained 6.5%, their fourth straight weekly gain and the largest weekly since mid-September, after the new OPEC agreement and a surprise drop in US crude inventories.

Chinese government revealed today that exports fell for the fourth straight month in November, which renewed concerns about the impact of the ongoing trade war between the US and China.

Gold prices rose during the European session on Monday, to recover some of previous losses hit on Friday, which comes on the US dollar's drop against a basket of currencies.

Gold prices rose by 0.3% to $1,473.78, after opening at $1,469.25, and hit a session-low of $1,458.61.

The yellow metal lost 1.1% on Friday, its second daily loss in 3 days, and largest since Nov.7, after upbeat jobs data in the US.

During last week, gold prices lost 0.3%, to post the second weekly loss in 3 weeks, due to diminished safe-haven demand.

The US dollar index fell by 0.1% against its rivals, after hitting a pause on Friday, as sell-off continued which comes in favour of dollar-denominated metals.

This drop in US dollar is due to investors' risk aversion after the release of weak Chinese data and the lingering uncertainty about the US-China trade talks while the date of the US tariffs decision approaches on $156 billion worth of Chinese goods, which is due Dec.15.

Gold holdings at the SPDR Gold Trust Fund, fell on Friday by 2.34 metric tons, to a total of 886.23 mt (the lowest since Sept.18).

Oil prices fell during the European session on Monday to surrender a 3-month high and head to the first daily loss in the last 6 days on profit-taking and slowdown concerns after the release of weak Chinese exports data, but losses are ebbed by a drop in US drilling activities and renewed hopes about a trade deal between the US and China.

West Texas Intermediate (WTI) fell to $58.54, after opening at $59.07, with a session-high $59.17, and Brent fell to $63.64 a barrel, after opening at $64.34, with a high of $64.40.

WTI closed higher by 1.3% and hit a 3-month high of $59.81 on Friday, and Brent futures gained 1.7% and posted the highest since Sept.23 of $64.86.

Those gains were achieved after the OPEC-Plus coalition announced on Friday agreeing on further output cuts by about 500K barrels per day until the end of next March.

In the new agreement the total production cut between OPEC and the independent producers amount to 1.7 million bpd, around 1.7% of global production and will be implemented only within 3 months, and didn't pledge any new measures for after the end of March 2020.

OPEC-Plus also decided to hold an extraordinary general meeting in March 2020, to review the production policy and assess the extent to which the new cut would be more effective.

Goldman Sachs said "this decision reflects an important shift in strategy to managing short-term imbalances rather than trying to correct long-term imbalances through open-ended commitments".

During the last week, oil prices gained 6.5%, their fourth straight weekly gain and the largest weekly since mid-September, after the new OPEC agreement and a surprise drop in US crude inventories.

Chinese government showed that exports fell for the fourth straight month in November, which renewed concerns about the impact of the ongoing trade war between the US and China.

Baker Hughes announced that US drilling rigs declined by about 5 rigs last week, the seventh straight weekly decline.

The total shale oil operating rigs dropped to 663, which is the lowest level since the week ending March 31, 2017.

The US production jumped about 47% since mid-2016 to its all-time high at 12.9 million barrels per day, due to the increased drilling activities.

As for the trade talks between the US and China, officials from the two sides are reportedly trying to find solutions on the main hurdles that block the way of completing the phase one of the trade deal before December 15th.

The Chinese Assistant Minister of Commerce Ren Hongbin said today that Beijing hopes to reach a deal with the US as soon as possible.