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According to Norwegian authorities, researchers have discovered rich deposits of minerals and metals, including zinc, copper and rare earths on the continental shelf.

OPEC+ is taking a cautious approach on oil, waiting for China's renewed economic activity and new limits on supplies from Russia. Delegates said OPEC+ will stand for preserving the same levels of black gold output at Wednesday's meeting.

U.K. oil company BP reported its annual energy outlook with three possible scenarios of events. Each of them forecasts lower oil and gas demand.

On Monday, Chinese copper miner MMG Ltd reported that work at its Las Bambas mine in Peru is likely to be halted from February 1.

The International Energy Agency (IEA) reported that China's oil and gas consumption fell in 2022. This drop is the first seen in several decades.

This week is expected to bring extremely cold winter weather to Texas. Local oil and gas producers have been instructed to secure their equipment and facilities.

At the present time, the cost of gold is firmly entrenched at $1,900 dollars per ounce. That mark is already very close to a possible maximum predicted by analysts. That kind of dynamics is driven by noticeable dollar weakening and decrease in the yields of the U.S. government bonds.

According to expectations of strategists of the Internationale Nederlanden Groep, gold will grow in 2023.

The U.S. economy unfolded more actively in the fourth quarter than analysts might have expected. However, domestic demand grew at the slowest pace in 2.5 years, reflecting the impact of higher credit costs.

The U.S. strategic petroleum reserve (SPR) decreased by more than 40% in two years. The reserves were 371.57 million barrels on January 20, compared to 638.08 million barrels a year ago.