Commodity Capsule: Brent crude oil slips; gold retreats; copper falls

Commodity Capsule: Oil prices fell on Thursday, reversing gains in the previous session.

OPEC showed no signs of supporting Iran's call for an oil embargo on Israel.

The United States plans to ease Venezuela sanctions to allow more oil to flow globally.

Brent and US WTI crude shed nearly 0.5 per cent in the early trade session on Thursday, after posting a 2 per cent higher settlement in the previous session.

Both crude oil benchmarks surged amid concerns about disruptions to global supplies after Iran called for an oil embargo on Israel over the conflict in Gaza.

The US reported a larger-than-expected inventory draw, as Crude inventories fell by 4.5 million barrels, while gasoline fell by 2.4 million barrels.

Supply may tighten further as Russia's oil exports via its western seaports in November are seen falling by some 300,000 bpd.

Copper prices fell on Thursday, amid renewed fears of a property market meltdown in China.

China's biggest real estate developer Country Garden is pointing to a default for most of its foreign debt.

Other base metals are trading in red as well due to firm U.S. dollar and US treasury yields surging to record high levels.

Metals witnessed a smart recovery in the last session that came on the back of China's GDP which grew 4.9 per cent in July-September, beating analysts' forecasts.

China's consumption and industrial activity in September suggested policy measures are helping bolster the economy's tentative recovery.

Gold prices retreated from 2.5-month highs on Thursday.

Caution before a speech by Federal Reserve Chair Jerome Powell offset safe haven demand fueled by the Israel-Hamas war.

Yellow metal appreciated sharply this week amid concerns of a spillover in the Israel-Hamas conflict into the broader Middle East region.

The rally was cut short by a recovery in dollar and US Treasury yields that shot back to multi-year highs as markets positioned for higher interest rates.

Gold has risen nearly 8 per cent since falling to a seven-month low on October 6.

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