Barclays, in a daily commodity research report, said palladium exchange-traded product outflows have hit some 21, 000 ounces so far in December following outflows of 84, 800 ounces in November.

FORBES: Palladium Hits 11-Week High On Renewed Concerns About Russian Supplies

However, crude backed off its daily high as many other commodity markets also saw selling pressure Monday.

FORBES: Comex Gold Ends Weaker On Firmer U.S. Dollar Index, Lower U.S. Stocks

Prices did hit a fresh two-week high in the early going, but then backed off the daily high when the raw commodity sector and stock market came under selling pressure just after the U.S. markets opened.

FORBES: P.M. Kitco Metals Roundup: Gold Ends Near Steady but Down from Daily High amid Bearish Outside Markets