Commodity Capsule: Oil extends weakness; Agri commodities rebound| Watch video

Crude oil extends weakness

Oil prices edged lower on Monday ahead of Federal Reserve meeting.

Brent, WTI crude slipped for third straight session.

Both benchmarks notched second straight weekly decline last week.

Disappointing China's economic data raised concerns about the demand growth.

Investors try to gauge Fed's appetite for further rate hikes, rising Russian crude supply weighed.

Goldman Sachs cuts December Brent Crude price forecast to $86/bbl, down from $95; Dec WTI cut to $81 from $89.

COMMERZBANK sees oil price climbing to $90 per barrel by the end of 2023 as market looks set to tighten noticeably.

Gold, silver gives up gains

Gold prices fell slightly on Monday near $1970 mark, sticking to a tight trading range over past three weeks.

Markets turned cautious ahead of upcoming US consumer inflation data and Federal Reserve meeting.

Yellow metal saw some support last week from soft labor data lifting expectations that Fed will skip rate hike during its meeting this week 

Base metal pare previous gains

Most base metals prices fall on Monday

Traders and investors exercised caution ahead of US Federal Reserve's rate decision, recovering dollar.

Dollar edged up, but was still near 3-week lows.

Most metals posted weekly gains last week amid hopes of China stimulus.

China's financial boost and nationwide campaign to promote automobile purchases.

Global agri commodities post rebound last week

CboT Soybean, Soyoil hovering 4–5-week highs amid supply concerns in Argentina.

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