The oil price has pared gains to stay below $75 as Chinese commodity futures tumbled in a widespread sell-off.
Gold has rebounded from lows as bargain hunters resurfaced after prices struggled to revisit a lifetime high set in June.
Oil prices have skidded lower as crude traders followed regional stocks down on reports European banks may be saddled with more debt than previously estimated.
Oil prices have fallen to near $74 a barrel as investors mull the strength of the US economy and demand for crude.
Oil has fallen for a second straight session as the end of the driving season in the US fuelled doubt that supplies would drain in the face of tepid economic growth.