Crude for November delivery traded as high as $80.05 a barrel -hitting a fresh one-year high- in trading Tuesday afternoon in Tokyo, though it later retreated slightly to $79.93, still up 32 cents.
The gains were helped by recent strong economic data bringing money in from the sidelines also buoyed prices. We would attribute most of this rally to this inflow of liquidity into the market.

Given the latest round of positive economic data, investors are turning increasingly optimistic towards oil. But some analysts are unsure whether this is already a sustainable break higher, given the fact that demand has not improved substantially over the last few weeks.

The contract had gained $1.08, or 1.4%, to $79.61 a barrel Monday on the New York Mercantile Exchange, the highest settlement for a front-month contract since last October. Prices have been climbing every trading day since the November contract closed at $69.57 on Oct. 7.

Also December gold was up $8.80 at $1,066.90 an ounce on Tuesday trading, in contrast to rising $6.60, or 0.6%, to end at $1,058.10 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded October contract also gained 0.6% to $1,057.30.

Gold prices have been on the rise in eight out of the past nine weeks. Last week, the benchmark contract gained 0.3% and briefly topped $1,070 an ounce, a new intraday high. Gold futures are rising aided by expectations that U.S. interest rates will stay ultra low and keep the dollar under pressure.

It could be a big week in commodities as the dollar remains under pressure and crude oil is rallying toward $90, and gold continues to find support.