Crude oil rose to a near record levels at $98.85 a barrel, aided by colder weather and a falling US currency even as gold jumped to a two-week high on speculative buying on expectations of a further cut in US interest rate.
Platinum also hit record highs on supply concerns.
US light, sweet crude for January rose 67 cents to $98.85 by noon, building on last week''''s late gains and nearing last week''''s all-time high of $99.29.
London Brent crude rose 62 cents to $96.38.
A week-end fire on a North Sea oil rig has shut in about 5,000 barrels per day (BPD) of Brent crude production.
Gold hit a two-week high of $828.70 an ounce, the highest since November 12, on speculation about of a further US interest rate cut.
Platinum hit record highs on supply concerns in South Africa - the world''''s main producer.
Spot gold rose as high as $828.70 an ounce, before dipping to $825.60/826.40 an ounce, still above New York''''s Friday close of $821.20/821.90.
Platinum rose to a record high of $1,486 an ounce before slipping to $1,477/1,482 an ounce, still above the $1,468/1,473 New York close on Friday on supply fears and speculative investment buying.
South Africa''''s biggest miners'''' union has threatened strike against mounting mine deaths, amidst increasing accidents at Gold Fields, Harmony and Impala Platinum mines.