Crude oil prices fell on Monday as improved supply prospects from OPEC+ member Kazakhstan overshadowed concerns that snowstorms sweeping across large parts of the U.S. could disrupt supplies. Silver surged to its biggest gain since 2008 amid Trump's reshaping of international relations and investors fleeing sovereign bonds and currencies, while gold broke through the $5,000-per-ounce threshold for the first time. LME copper rose.

Crude Oil: Prices Fall as Kazakhstan Supply Recovery Offsets U.S. Snowstorm Impact

Crude oil prices declined on Monday as improved supply prospects from OPEC+ member Kazakhstan overshadowed market concerns that a snowstorm sweeping across large parts of the U.S. could disrupt supplies.

WTI crude edged lower, closing below $61 per barrel after surging 2.9% on Friday for its biggest weekly gain in two weeks.

Supply disruptions from Kazakhstan, which had strained European markets, eased as a key Black Sea terminal handling most of the country's crude exports resumed operations. Meanwhile, production at the nation's giant Tengiz oil field is set to restart soon.

New supply eased market concerns about shortages as investors assessed the impact of winter storms sweeping across much of the United States. Several plants, including ExxonMobil's large Baytown refinery, cut operations ahead of the blizzards. Meanwhile, diesel prices posted their biggest gain since November due to rising heating demand. The full scale of supply disruptions caused by the cold weather remains unclear.

Additionally, tensions in the Middle East persist; U.S. President Trump's deployment of naval forces to the region fueled speculation he might follow through on threats to attack Iran's regime, heightening concerns over the country's crude output.

March WTI crude in New York fell 0.7% to settle at $60.63 per barrel;

March Brent crude fell 0.4% to settle at $65.59 per barrel.

Precious Metals: Gold Breaks Through $5,000

Amid Trump's reshaping of international relations and investors fleeing sovereign bonds and currencies, silver prices surged at their fastest pace since 2008, while gold broke through the $5,000-per-ounce threshold for the first time.

A weaker dollar boosted demand, with gold climbing as much as 2.5% on Monday to surpass $5,111.07 per ounce. Silver prices surged over 14% at one point Monday, hitting a record high above $117 per ounce—its biggest intraday gain since 2008. Both precious metals later pared some gains during late U.S. trading as the dollar narrowed its losses.

Gold's surge reaffirmed its traditional role as a market panic indicator. After posting its best annual performance since 1979 last year, gold has risen about 17% so far this year. This is largely attributed to so-called devaluation trades, where investors sell currencies and U.S. Treasuries. Last week's massive sell-off in Japanese bonds was the latest example of investor resistance to large-scale fiscal spending.

As of 4:29 p.m. New York time, spot silver rose 1.1% to $104.35 per ounce.

Spot gold gained 0.66% to $1,020.51 per ounce.

Base Metals: LME Copper Climbs

At the close, LME copper futures rose 0.64% to $13,199.00 per tonne;

LME aluminum futures gained 0.62% to $3,188.50 per tonne;

LME nickel futures fell 1.25% to $18,522.00 per tonne;

LME zinc futures climbed 2.51% to $3,342.50 per tonne.

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