West Texas Intermediate futures for February delivery fell to $37.73 (-0.97%), while Brent crude declined to $37.74 (-0.40%). Analysts say that the WTI's newly gained premium over Brent is the most important factor in the market these days, when trading is thin due to holidays. This week is going to be shorter due to New Year too with markets in many countries still closed for Christmas. This week will not be data-rich, that's why the Energy Information Administration's inventories report due on Wednesday will attract more attention.

Gold slid to $1,072.80 (-0.29%) despite a softer dollar as oil prices failed to sustain recent gains, which were triggered by the latest report on U.S. crude oil inventories. This week trading is likely to remain thin. Markets in many countries are still closed today and will be closed on Friday too due to New Year celebrations.

Some analysts expect gold to trade lower and decline to $1,000 an ounce at the beginning of 2016 amid prospects of further rate hikes by the Federal Reserve.

(raw materials / closing price /% change)

Oil 38.12 +0.05%

Gold 1,075.80 -0.01%