[MARKET ANALYSIS] Crude futures muted as markets await Iran's response, expected on Thursday

Crude futures have started the Asia-Pac session relatively muted, as markets await for Iran’s response to the US-proposed memo. CNN reported that a response is expected on Thursday. Elsewhere, Israel and Lebanon continue to fire at each other. Late in Wednesday’s session, it was reported that Israel carried out strikes on Beirut, with Hezbollah’s Radwan Force commander being killed. From the Lebanese side, projectiles were launched towards Israel, however, the IDF announced that the projectiles were intercepted. Currently, WTI oscillates in a USD 95.62-96.48/bbl range, Brent in a USD 101.75-102.55/bbl band.  Precious Metals consolidates after Wednesday’s trend higher. Spot gold trades in a USD 4686-4701/oz range, while finding resistance at the 20-SMA. Silver similarly trades in a narrow range.  3M LME Copper is taking a breather after two consecutive days of gains, as 3M LME Copper tops just shy of USD 13.4k/t.