Commodity Capsule: Brent crude oil prices slip; Gold, silver largely rangebound | Watch video

Oil prices crept lower in Asian trade on Tuesday as initial optimism over more supply cuts by Saudi Arabia and OPEC was largely offset by persistent concerns over slowing economic growth and weakening demand.

The markets bet that any slowdown in demand will largely outweigh tighter supplies this year.

Brent crude futures fell 0.27 per cent to $76.50/barrel, while US WTI crude fell 0.37 per cent to $71.81 per barrel.

Both contracts rose as much as 3 per cent on Monday before settling between 0.6 per cent and 0.8 per cent.

US service sector activity barely grew in May. The data put more headwinds to the US economy—chiefly rising interest rates and high inflation—in stark focus ahead of the Federal Reserve meeting next week.

Gold and silver are largely rangebound, with an upward bias supported by a weaker dollar index.

Markets hunkered down before the Federal Reserve's interest rate decision next week.

CITI Research recommends investors buy the gold and silver dips into year-end.

Base metals on domestic futures post-mixed opening tracking international benchmarks

Copper and industrial metals garnered some support from strong manufacturing and service sector readings in China.

The focus this week is on Chinese inflation and trade data.

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