Commodity Capsule: Brent crude oil gains; gold ticked up; base metal rise
Commodity Capsule: Israeli Prime Minister Benjamin Netanyahu rejected Hamas latest offer for a ceasefire and return of hostages held in the Gaza Strip.
Commodity Capsule: Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while weaker dollar supported prices.
Brent crude futures nears $80 a barrel. US WTI crude futures climbed past $74.12 a barrel.
Israeli Prime Minister Benjamin Netanyahu rejected Hamas' latest offer for a ceasefire and return of hostages held in the Gaza Strip.
But US Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.
The dollar index against major peers fell under the 104 mark.
On the demand side, a stronger-than-expected drawdown in US gasoline and middle distillate stocks buoyed the oil market.
Distillate stockpiles fell by 3.2 million barrels versus expectations for a 1 million-barrel drop. Gasoline stocks fell by 3.15 million barrels, vs estimates for a build of 140,000 barrels.
Gold prices ticked up on Thursday buoyed by a softer dollar and lower Treasury yields.
The market eyes weekly jobless claims report that could provide fresh clues on when the US Federal Reserve would start lowering interest rates.
Global gold futures edged past $2,050/ounce.
The dollar index fell 0.1 per cent, and yields on benchmark 10-year Treasury notes slipped to 4.0921 per cent.
Base metals largely rose on Thursday, lifted by a softer dollar.
Metals were supported by improving risk sentiment in the Chinese equity market, but trading was slow ahead of the long public holiday in China.
Copper on LME hovers under $8,350 per metric ton, off three-week lows.
China shares rose slightly after Beijing ousted the head of the securities watchdog, replacing him with a veteran regulator with a reputation for tough action as policymakers struggle to stabilise the country's stock markets.
The US dollar edged down but was trading in a tight range as traders digested less dovish remarks from policymakers overnight.
Trading was slow ahead of the Feb. 9-16 holiday in China to celebrate the Lunar New Year.
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