Oil prices stayed below $80 a barrel on Monday, while platinum and palladium were in focus after reaching their highest levels in at least 17 months.
US crude held steady against a slightly weaker dollar though concerns over high inventory levels continued to weigh on sentiment.
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Nymex February West Texas Intermediate rebounded from a five-day decline and gained 36 cents to $78.36 a barrel, while ICE March Brent rose 22 cents to $77.33.
Analysts at MF Global, one of the world’s biggest commodities brokers, said a stronger dollar could continue to weigh on crude prices this week, as would warmer weather.
“Although the colder weather did lead to a temporary spike in heating demand, it hardly resulted in any reduction in inventory levels,” the broker said.
Palladium and platinum were in demand after the precous metals touched fresh highs. Palladium climbed as high as 1.1 percent to $460.02 an ounce, its highest since July 2008, while platinum gained as much as 1.8 percent to $1,628.50 an ounce, its highest level in 17 months.
The two metals, which are used in catalytic converters for cars, outpaced gold which rose against a weaker dollar and concerns over Greece’s fiscal problems.
Gold for immediate delivery rose $5.30 to 1,137.10 an ounce.
Among base metals, copper climbed higher, as Chinese importers looked to international markets where copper prices are trading at a discount compared to those in Shanghai.
LME copper for delivery in three months’ time jumped 1.9 per cent to $7,529.50 a tonne. Aluminium rose 1.1 per cent to $2,325 a tonne, as inventories declined for an 11th day.
