"Oil prices inched higher on Friday, poised for a fourth straight week of gains, as new U.S. sanctions on Russian energy trade fueled concerns over potential supply disruptions."

Brent crude futures were trading up 30 cents or 0.4% higher at $81.59 per barrel by 0923 GMT, having gained 2.3% so far this week.

U.S. West Texas Intermediate crude futures were up 41 cents or 0.5% at $79.09 a barrel, having climbed 3.3% for the week.

Last Friday, the Biden administration unveiled broader sanctions targeting Russian oil producers and tankers.

"Supply concerns from U.S. sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential U.S. interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.

"The anticipated increase in kerosene demand due to cold weather in the United States is another supportive factor."

Investors are also anxiously waiting to see if more supply disruptions will emerge after Donald Trump returns to the White House next Monday.

"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding that the new Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.

Expectations for better demand lent some support to the oil market. Data showed inflation easing in the United States, the world's biggest economy, bolstering hopes of interest rate cuts.

Traders are also assessing fresh data from China, the world's top oil importer. Its economy fulfilled the government's ambitions for 5% growth last year.

But China's oil refinery throughput in 2025 fell for the first time in more than two decades, except for the pandemic-hit year of 2022, government data also showed on Friday.

Weighing on oil prices were expectations of a halt in attacks by Yemen's Houthi militia on ships in the Red Sea in the wake of a Gaza ceasefire deal.

The Houthis' attacks have disrupted global shipping, forcing ships to make longer and more expensive journeys around southern Africa for more than a year.

The Israeli cabinet is set to approve a deal with militant group Hamas for a ceasefire in Gaza, Prime Minister Benjamin Netanyahu's office said on Friday.

Gold prices fell in Asian trade on Monday as traders braced for a slower pace of U.S. interest rate cuts following stronger-than-expected nonfarm payrolls data, which supported the dollar. 

Among industrial metals, copper prices took limited support from data showing China’s copper imports hit a 13-month high in December. Sentiment towards China was dimmed by anticipation of more U.S. trade tariffs against the country.

Uncertainty over the economic outlook under incoming President Donald Trump still kept some safe haven demand for gold in play, as did an extended sell-off in broader risk-driven assets, particularly stocks. This limited overall losses in the yellow metal. 

Spot gold fell 0.1% to $2,686.32 an ounce, while gold futures expiring in February steadied at $2,714.41 an ounce by 23:49 ET (04:49 GMT). 

Gold pressured by increased rate jitters; inflation data awaited 

Gold prices were pressured chiefly by the prospect of U.S. rates remaining higher for longer, as Friday’s payrolls data saw traders further scale back bets on rate cuts this year.

Focus is now on upcoming U.S. inflation data, due on Wednesday, for more cues on the Fed’s rate outlook. The central bank signaled that sticky inflation and strength in the labor market will give it more impetus to keep rates high.

Goldman Sachs analysts said in a recent note that they now expect the Fed to cut rates only twice this year, compared to prior expectations of three cuts. The central bank’s terminal rate is also expected to be higher in this easing cycle. 

Higher rates pressure metal markets by increasing the opportunity cost of investing in non-yielding assets. Among other precious metals, platinum futures fell slightly to $991.45 an ounce, while silver futures fell 0.4% to $31.205 an ounce on Monday.

Copper prices flat as markets weigh China outlook 

Benchmark copper futures on the London Metal Exchange rose 0.3% to $9,111.00 an ounce, while March copper futures rose 0.1% to $4.2960 a pound. 

The red metal was sitting on strong gains from the prior week, as soft Chinese economic data spurred increased bets that Beijing will unlock even more stimulus to shore up growth.

Trade data on Monday showed that China’s copper imports hit a 13-month high at 559,000 metric tons in December, indicating that demand remained robust in the world’s biggest copper importer.

Copper bulls are betting that Beijing will dole out even more stimulus in the coming months, especially in the face of steep import tariffs under Trump.