Oil prices were under pressure on fears of recent lockdown measures sighted in China.
Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Both major benchmarks traded above the $50 mark and are trading at their highest levels since February 2020.
Brent crude futures traded at $55.59 a barrel and West Texas Intermediate futures was around $52.22 a barrel.
Carbon Credits technically are regulatory allowances for emissions and can be bought and sold in a market.
Spot gold dropped as much as 0.7% to $1,836.30 an ounce at the Asian trading session
The world's flagship crypto Bitcoin impressive gains partly responsible for seeing massive investors outflows from another popular inflation hedge gold.
Brent crude futures gained 0.63% to trade at $54.72 a barrel while the WTI futures rallied by 0.61% to trade at $51.14 a barrel.
Oil traders are staying long amid reports showing supporters of President Trump storming the U.S. Capitol.