Brent below $ 40 due to oversupply and gold climbs

Brent crude fell to below $ 40 a barrel on Monday, due to oversupply in the global markets, while gold regained some of its "sparkle" and rose to more than $ 1255.

Despite his rise to more than $ 41 last week, but the crude oil market, which continues to suffer from a glut in supply, estimated at 1.5 million barrels a day, waiting for a meeting during the later of March / March, featuring top producers, aims to restore the stability of oil markets.

By the time (09:05 GMT), the price of the global London Brent crude, for delivery in May / May, to $ 39.69 a barrel, down from the last closing price of $ 40.39.

The oil expert Issam Chalabi, said that crude oil markets would remain vulnerable to rising and landing, during the period that preceded the meeting of the top producers, but it will not fall below $ 37 until that time.

He said Chalabi (Iraqi national), "Any agreement may be in the producers meeting, will determine the oil prices in the medium term, because the markets are still suffering from excess supply (...), and with the decline in the size of the surplus back gradual stabilization of the markets, and this needs time until the end of this year. "

Gold climbed, several dollars today, after a wave of landing seal out last week's trading, due to the promising US reports, with traders waiting for the Fed meeting March.

The price of an ounce (oz) of gold, US $ 1257.4, by the time (09:17 GMT Gr), up from today's opening trading price of $ 1251.

Gold climbed by 15% since the beginning of this year, to regain its role as a safe haven for clients, after the decline in global stock markets, fears the global economy.

Gold is considered a safe haven, in the geopolitical and economic risk situation, turn to traders despite the lack of financial achieved its benefits, unlike investment in US dollars.