LONDON (SHARECAST) - Crude oil futures eked out a modest gain on Monday after Friday’s 2% surge, as traders paused for breath. Crude for November delivery settled 3 cents higher at $76.52 a barrel on the New York Mercantile Exchange. Demand was also squeezed as US equtities opened flat and spent most of the day heading lower. Traders are looking ahead to data due out later this week on gross domestic product and manufacturing as well as weekly oil inventories. Concern about an oversupplied market has recently been keeping a lid on gains. On Wednesday the US Energy Department is expected to post a 100,000 barrel decline in crude oil supplies while gasoline inventories are expected to rise by 1.1m barrels. Distillates, used in heating oil and diesel, are expected to rise by 1.1m barrels. Gold meanwhile hit yet another record closing high on Monday helped by concern about the possibility of more stimulus. Gold for December delivery gained 50 cents to $1,298.60 an ounce on the Comex division of the New York Mercantile Exchange. Earlier in the session the precious metal struck a high of $1,301.30 an ounce.

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