Commodity Capsule: Oil prices climbed to a two-month high on Monday after a drone attack on US forces in Jordan added to worries over supply disruption in the Middle East.

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Houthi rebels stepped up their attacks on vessels in the Red Sea

Russian refined product exports are set to fall, with several refineries under repair following drone attacks.

Brent crude futures surged nearly 5 per cent in two trading sessions to near $84 a barrel and US crude oil futures past $79/bbl.

Both the crude oil benchmarks gained 6.5 per cent every week, the best weekly performance in 3-5 months.

Commodities trader Trafigura was assessing security risks of further Red Sea voyages after its tanker was attacked by Yemen's Houthi group last week.

Positive US economic growth and signs of Chinese stimulus boosted demand expectations.

On Feb 1, leading ministers from OPEC+ will meet online.

Copper prices opened this week lower on Monday, with pressure from a steady dollar ahead of U.S. economic data, while subdued demand outlook from top consumer China also weighed on sentiment.

Copper on the London Metal Exchange slid under $8,550 per metric ton, having gained 2.4 per cent last week, its biggest weekly rise since November.

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