Analysts at ANZ explained the action in the commodities sector, noting that oil prices weakened steadily through most of the session before bouncing sharply in recent hours as the weekly EIA inventory data showed US fuel stocks fell last week. Key quotes: "Near-dated WTI is up 0.8% at the time of writing. In industrial metals, copper, nickel and aluminium fell, but precious metals did better, with spot gold up 1.1% on safe haven demand, despite markedly weakening in recent hours on improved market sentiment and profit-taking. The CRB index is up 0.5% at the time of writing." For more information, read our latest forex news.