Oil prices climbed as signs of weakness in the crude market were offset by surging premiums for fuels like gasoline and diesel, while supply concerns stemming from U.S. sanctions on Russian energy also supported prices. Gold pared gains as traders weighed the possibility of an imminent end to the government shutdown and weak employment data. Copper prices rose on the London Metal Exchange (LME).

**Crude Oil: Prices Gain as Strong Fuel Markets Offset Weakness Signals** Oil prices advanced as softness in the crude market was countered by soaring fuel premiums, with supply worries linked to U.S. sanctions on Russian energy providing additional support.

WTI crude rose 1.5% to settle around $61 per barrel, marking a third consecutive session of gains.

Rebecca Babin, senior energy trader at CIBC Private Wealth Group, noted that short-covering, alongside sanctions and rising fuel premiums, contributed to the price increase.

"Crude benefited from multiple tailwinds today, including market concerns over restricted access to Russian crude," Babin said. "Technical buying after WTI tested and held the $60 level also prompted some short-covering."

While oversupply concerns persist in the crude market, refined product markets remain robust.

"It’s reasonable to argue that without strong support from refined products, crude prices would be lower," said Tamas Varga, an analyst at brokerage PVM.

Markets are closely watching OPEC’s monthly market report due Wednesday, along with the International Energy Agency’s (IEA) annual outlook on the same day.

WTI December futures rose 1.5% to settle at $61.04 per barrel. Brent January futures gained 1.7%, settling at $65.16 per barrel.

**Precious Metals: Gold Trims Gains** Gold pared its advance as traders assessed the likelihood of an end to the government shutdown and weaker employment figures.

The U.S. Senate passed a temporary funding bill, which now requires House approval before being signed into law by the president. The longest-ever U.S. government shutdown could end as early as Wednesday.

ADP Research data released Tuesday showed U.S. businesses cut an average of 11,250 jobs per week in the four weeks ending October 25. With key economic data delayed due to the shutdown, traders relied on unofficial figures for insights.

Michael Haigh, head of fixed income and commodities research at Société Générale, suggested gold’s post-data decline may reflect outflows from gold exchange-traded funds.

J.P. Morgan Private Bank projected that gold’s rally could push prices above $5,000 per ounce next year, driven largely by central bank purchases from emerging markets.

Spot gold rose 0.4% to $4,131.89 per ounce by 3:55 p.m. in New York. Silver, platinum, and palladium also gained.

**Base Metals: Copper Advances** Copper prices rose on the LME, while the Bloomberg Dollar Index briefly fell 0.2% after the ADP data, reversing earlier gains tied to the Senate’s funding bill.

At the close: - LME copper rose 0.29% to $10,827.0 per ton. - LME aluminum edged up 0.17% to $2,874.5 per ton. - LME nickel fell 0.36% to $15,053.0 per ton. - LME zinc declined 0.47% to $3,066.5 per ton.