Commodity Capsule: Brent crude oil inches higher; gold steady; copper rises | Watch video

Commodity Capsule: Oil prices inched up on Tuesday trade as investors waited to see whether the Middle East trip by US diplomat Antony Blinken will bring a halt to the Gaza war, which has raised concerns about supplies from the major producing region.

Brent crude futures rose to $78/barrel. WTI crude futures climbed to $73. Both contracts gained nearly 1 per cent on Monday, rising for the first time in four sessions.

Blinken met Saudi Arabia's de-facto ruler on Monday. Palestinians hope the visit will clinch a truce before a threatened Israeli assault on Rafah, a border city where about half the Gaza Strip population is sheltering.

The ceasefire offer, delivered to Hamas last week by Qatari and Egyptian mediators, awaits a reply from militants who say they want more guarantees it will bring an end to a four-month-old war.

The US continued its campaign against Iran-backed Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes.

Concerns about the demand outlook however limited price gains.

Gold prices steadied on Tuesday after tumbling sharply over the past week as a rally in the dollar paused for breath.

Markets now watching for the yellow metal to potentially test a key support level.

The near-term outlook for gold remained marred by persistent concerns over higher-for-longer U.S. interest rates.

Strong U.S. economic data and hawkish comments from Fed Chair Jerome Powell triggered sharp declines in gold prices over the past two sessions.

The dollar rallied to a three-month high, while US Treasury yields appreciated sharply in the face of higher-for-longer rates, which further pressured gold.

Global gold futures expiring in April were flat at $2,042.40 an ounce

Copper rises as traders weigh China's woes.

Nonferrous metals on LME rose on Tuesday after logging four straight sessions of losses, as markets digested more weak economic signals from China.

LME copper along with other metals edged up to 1 per cent from their respective multi-week lows.

Prices were hit chiefly by a string of weak purchasing managers index readings from China.

The readings showed little recovery in business activity in January, particularly in the key manufacturing sector.

Focus this week is now on Chinese inflation data for January, due on Thursday.

Metal markets witness subdued activity ahead of the week-long Lunar New Year holiday, starting over the weekend.

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.