LONDON (SHARECAST) - Crude oil futures settled flat on Monday, reversing earlier gains, as economic data gave a mixed snapshot of the US economy and US stocks stumbled in the last hour of trading. Crude for December delivery settled 2 cents lower at $84.86 a barrel on the New York Mercantile Exchange in cautious trading. The US Commerce Department said October retail sales rose a better than expected 1.2%, an indication that consumers are starting to loosen their purse strings. However traders also mulled a sharp fall in November business conditions in the New York. November’s reading from the Federal Reserve Bank of New York came in at a negative 11.4, much weaker than expected. Oil prices had been boosted earlier in the session, rising to a high of $85.77, after third quarter Japanese growth figures came in better than expected. Prices however lost momentum after the release of the mixed US data. Inventory data out Wednesday is expected to show another draw on weekly stockpiles. US supplies are above average but oil prices were given a shot in the arm after last week’s data showed a hefty fall in stockpiles. Gold managed to claw back a bit of Friday’s steep losses but gains were limited by the stronger dollar. Bullion received renewed interest on expectations that worries about euro zone sovereign debt will dampen demand for currencies and increase demand for precious metals. Gold for December delivery advanced $3 to $1,368.50 an ounce on the Comex division of the New York Mercantile Exchange. Silver for December also recovered from Friday’s slump, rising 58 cents to $26.09 an ounce.

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