A method of making a polymer composition comprising dispersed nanoparticles of an oxygen scavenging catalyst includes polymerizing one or more monomers or pre-polymers in the presence of a platinum group metal catalyst or precursor to obtain a polymer composition having dispersed nanoparticles of the platinum group metal. The oxygen scavenging catalyst is added during the polymerization as a solution of the platinum group metal or a compound thereof and a polyhydric alcohol (e.g., glycols). The food or beverage containers made from such polymer compositions exhibit high clarity and high oxygen scavenging properties.