Commodity Capsule: Brent crude oil below $88; gold and copper rise

Commodity Capsule: Oil was little changed on Wednesday after falling for three days.

Concerns about slowing European demand offset worries of Middle East supply disruptions stemming from the Israel-Hamas conflict.

Brent crude futures hover under the $88 a barrel mark, and US West Texas Intermediate crude futures hover with a weak bias near $83 a barrel.

Eurozone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession.

Countries are pushing for a pause or ceasefire in fighting between Israel and Hamas in the Gaza Strip so that humanitarian aid could be delivered

Leaders of U.S and Saudi Arabia on Tuesday discussed efforts to prevent the conflict from widening to Iran.

Falling crude oil stockpiles in US supported prices. US inventories declined by about 2.7 million barrels in the week ended on October 20—API.

U.S. government data on inventories is due later on Wednesday.

Copper prices in Shanghai climbed to a two-week peak on Wednesday

The red metal is underpinned by a better demand outlook following China's decision to roll out fresh stimulus measures to support the economy.

December copper contract on the Shanghai Futures Exchange rose to 66,900 yuan a metric ton, the highest since October 10.

Copper on the London Metal Exchange held its ground past the $8,000 a ton level, at a two-week high.

China's top parliament approved a one trillion yuan bond issue, the state media reported, adding that the funds would be spent rebuilding disaster zones and improving infrastructure.

Gold prices climbed on Wednesday on softer U.S. Treasury yields

Yellow metal lacked the impetus to move higher as global leaders sought to prevent the Israel-Hamas war from spreading.

International Spot gold traverses under the key $2,000 an-ounce mark

Global gold prices declined in the previous two sessions and trading below five-month highs hit last week.

Benchmark US 10-year Treasury yields inched lower as investors bought into a recent sell-off amid concerns about the economic impact of higher borrowing costs.

US business activity ticked higher in October while output in the eurozone took a surprise turn for the worse, underscoring the diverging path for central bankers in the two regions.

Investors await the release of US GDP numbers for the third quarter on Thursday and U.S PCE price index on Friday.

ICE Arabica coffee is hovering four months' high as nearby supplies were tight, with December futures moving from premium to March during the last few days.

ICE Raw Sugar futures are near 12 year high past 27.50 cents a pound.

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