Traders anticipate a squeeze in demand from China due to the prevailing situation there.
US crude was up 62 cents, or 1.2 per cent, at $54.10 a barrel.
US gold futures fell 0.2 per cent to $1,567.10.
Here is how SMC Global expects commodities to trade today.
Gold futures were down 0.34 per cent to Rs 40,105 per 10 gram.
"Oil's bloodbath appears to be over for now," said Edward Moya, senior market analyst at OANDA.
There are hopes that the government will increase FDI limit in insurance to 74 per cent.
Japanese firm Azearth, which is engaged in protective clothing, has rallied 139 per cent.
Few analysts say an income-tax rate cut may not materialise this time around.
Taking a front lens to Budget instead of evaluating the past from an accounting standpoint would
Refining margins continued to remain under pressure, suggesting weak global demand for oil.
I would be a little cautious as we get into Budget, says Nitin Raheja of AQF Advisors.
It currently trades at Rs 615 after having touched its 52-week low of Rs 588.50 on January 22, 20
Chances of market sentiment improving post Budget are a tad higher.
Jefferies raised price target for HDFC to Rs 2,745 from Rs 2,510 earlier post Q3 numbers.
US gold futures fell 0.3 per cent to $1,565.10.
Global buyers have been targetting Indian supplies to help meet a global sugar deficit.
US West Texas Intermediate was down 32 cents at $52.82 a barrel.
US gold futures were flat at $1,578.10.
Bullion counters may trade sideways, said brokerage SMC Global.
Prices are spiraling as the death toll rises in China and an increase of new cases emerge around the globe.
US gold futures settled 0.3 per cent higher at $1,577.4 per ounce.
US West Texas Intermediate was down 12 cents, or 0.2 per cent, at $53.02.
US gold futures rose 0.7 per cent to $1,582.10 per ounce.
US crude was down by $1.63, or 3 per cent, at $52.55.
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