Commodity markets opened the week in a holding pattern, with oil prices steadying after sharp declines and precious metals showing signs of fatigue.

Oil Finds Support After Losing Ground

Brent crude and WTI both edged slightly higher on Monday, recovering part of last week’s nearly 3% decline.
Prices hit their lowest levels since late October as speculation grew that progress in Russia–Ukraine peace talks could lead to increased Russian crude supply returning to the market.

Talks between the U.S. and Ukraine over the weekend reportedly made tangible progress, giving traders something new to factor into supply forecasts.

Gold and Silver Lack Direction

Despite favourable macro conditions — a weaker dollar and rising expectations of Fed rate cuts — the precious-metals complex is underperforming.
Gold remains close to recent lows, while silver continues to lag, weighed down by lacklustre industrial demand and ongoing volatility in risk assets.

Broader Commodity Outlook

The commodity space is currently influenced by:

• geopolitical shifts
• interest-rate expectations
• global growth concerns
• fluctuating risk appetite

Until clarity emerges, markets may remain choppy with no strong directional bias.