Commodity Capsule: Brent crude oil fell; gold flat; copper slightly slips | Watch video

Commodity Capsule: Oil prices fell on Monday after Israel said it had "concluded" a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East.

Brent crude futures slipped to stay below $82 a barrel, while US West Texas Intermediate crude futures hovered under $77 a barrel.

Geo-political risks and potential oil supply disruption in the Middle East pushed prices up by about 6 per cent last week.

Last week, Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas.

Meanwhile, US energy firms increased oil and natural gas rigs to their highest since mid-December, potentially signaling an increase in output. 

US crude oil production returned last week to a record 13.3 million barrels per day.

Copper prices dropped slightly on Monday on reduced demand from China, which is closed for the Lunar New Year holiday.

Copper on the London Metal Exchange is hovering at three-month lows, slipping under $8,200 a tonne mark last week.

Prolonged crisis in China's property sector has weighed on sentiment

Markets closed in China for the Lunar New Year holidays.

More policy measures are anticipated from China after the Lunar New Year celebrations.

Gold prices were flat on Monday in holiday-thinned trading, after falling last week on rising bond yields.

Investors awaited remarks from US Federal Reserve officials in a data-packed week.

Global gold futures steadied under $2,040 per ounce, pressured by elevated US Treasury yields.

Trading is thin during the Asian session due to holidays in China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, and Malaysia.

Market to focus on US consumer price index data on Tuesday, retail sales data on Thursday and produce price index data on Friday, while awaiting remarks from several Fed officials this week.

Several Fed officials, including Chairman Jerome Powell, have said last week they want to see more evidence inflation will continue to decline before cutting rates.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.