[MARKET ANALYSIS] Crude pulls back following yesterday's surge; geopolitical updates light

Crude futures post mild losses following the prior day’s surge, which saw WTI settle USD 5bbl higher and Brent over USD 6/bbl higher. Major macro newsflow has been light during APAC hours, although reports suggested the US military is closer to resuming combat operations than 24 hours ago. Spot gold found support above the USD 4,500/oz level and holds a modestly positive tilt in APAC trade despite the lack of newsflow and the thin liquidity, but likely a consolidation following the prior day’s selloff. Copper futures trade slightly firmer as prices clamber off the lows seen during the prior day’s selloff, whilst the LME today returns from its long weekend.