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Oil, Industrial Metals Stable At New Highs

COMMODITIES

Both WTI and Brent crude futures are sitting slightly higher ahead of the NYMEX open, bouncing slightly off the late Tuesday lows. Markets watch today's DoE inventories release with forecasts eyeing a draw of close to 7mln barrels in the most recent week's data. The expectations are despite the API release yesterday showing an unexpected build in stocks of just over 1mln bbls.

Copper futures continue to print higher highs, with the metal touching a new cycle high of $423.65 in early Asia-Pac trade before consolidating.

General USD weakness has helped early Wednesday, but the greenback is largely rangebound. There are no key data releases to watch Wednesday, but the second half of Powell's semi-annual testimony could be worth watching.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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