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Oil Off as Rally Hits Pause

COMMODITIES

After the recent rally extended Wednesday, oil contracts are a touch softer this morning, with WTI and Brent futures off around 0.5% apiece. The WTI futures curve has steepened slightly since the beginning of the week, but the cycle high at $53.93 continues to cap progress. Focus turns to weekly US jobless claims data and the latest housing starts/building permits data.

Spot gold made further gains in Asia-Pac trade, with the metal touching new weekly highs at $1875.20. The 100-dma is the near-term upside target at $1884.45.

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