Soundbites from Opec suggest an extension of output cuts likely with low oil price causing dissension in ranks.
Brent and WTI heading lower as fears of rising US crude production makes transatlantic money managers cagey.
IBTimes poll and separate Moody's report suggest supply/demand imbalances will ensure natural gas prices stay low.
Big Oil bosses say crude price is going nowhere, while Saudi minister says peak demand projections are misguided.
As the dollar gained ground on heightened US rate hike expectations, gold took a hit for the third successive session.
US inventories rose by 1.5m barrels and higher production stateside served as a drag on oil prices.
New York Fed official's comments strengthened dollar against basket of global currencies, triggering gold selloff.
Oil appears to be stuck in the low-to-mid-$50 range but money managers continue to place bets to the upside.
Over the past nine weeks, gold has risen on eight occasions while silver has in every one.
Oil futures slid as traders booked profits on recent price upticks triggered by comments from Opec.
Most surges in sentiment towards precious metals tends to see the Gold/Silver Ratio peak.
Oil prices rally after Opec extends production cuts and inventory level defying analysts' expectations.
Crude prices rally after Opec secretary general reassures market on high level of adherence to its pledged production cuts.
Oil market continues to weigh the upside pull of Opec cuts against the downside drag of higher US crude production.
Lack of obvious market drivers and mixed dollar trading ensured flat trading in major commodities contracts.
Weaker dollar and safe-haven bets ensured uptick in precious metals despite Federal Reserve Chairwoman remarks.
Official US crude inventory data did not prove to be quite as alarming as some had feared.
Crude prices recovered after Saudi Arabia said it reduced its crude production by the most in over eight years.
Latest US and Canadian rig count data points to rising North American production in the face of Opec cuts.
Opec's production data is not due until 13 February, but IEA said cartel had achieved 90% of production cut target.