OPEC’s recent production cuts, combined with tension in both Gaza and the oil-producing nation of Nigeria may be working to push crude prices for February delivery higher.

Crude was trading $1.07 higher, at $47.41 by Monday, midday. The commodity continued its rally into Monday afternoon, rising 5.33% higher to settle at $48.81 per barrel, a gain of $2.47 on the day. 

This marked crude's highest settlement since December 1, 2008; crude has gained 25.06% in the past three trading days.

Fear that the tension in Gaza will interrupt production and supply in the Middle East, as well as reports of a militant group in Nigeria that is threatening to end a cease-fire agreement, has buoyed crude prices.  

Successful implementation of production cuts by the oil-producing nations has also worked to trim supply and raise prices.

Other Fuels
RBOB gasoline for February delivery rose 7.19 cents to $1.1824 per gallon, a gain of 6.47%, and its highest settlement since November 14 . 

Heating oil rose 9.6 cents or 6.49% to settle at $1.5763 on Monday, the sixth consecutive trading day prices have risen.

Nymex natural gas for February delivery settled higher, posting gains of 10.1 cents, or 1.69% to finish the day at $6.072.

Metals
Comex gold fell 2.46% or $21.60 per troy ounce on Monday, settling at $857.20. This is the second consecutive trading day in which gold prices have fallen. Gold is now 14.55% off its high of $1,003.20, set on March 18.

Silver and Copper both fell slightly. Silver fell 22 cents, or 1.92%, to settle at $11.245 per troy ounce. This snaps a seven-day winning streak for the metal. Copper fell 0.20 cents per pound to settle at $1.4420.