From Investing.com: 2024-11-20 01:11:00

Oil prices remained steady despite tensions between Russia and Ukraine, with Iran’s nuclear program helping to offset some geopolitical risk. The Johan Sverdrup field in the North Sea has resumed operations after a power outage. API reported a 4.8m barrel increase in inventories, while the EIA report is awaited.

LME lead stockpiles surged to 98% in Singapore, reaching the highest level since 2013. Lead prices are down 3% year-to-date due to weak auto sales impacting demand. The global lead market is expected to see a surplus in 2024. Investors decreased their net bullish position in copper and zinc.

CBOT wheat prices rose 2% due to tensions between Russia and Ukraine. EU soft-wheat exports are down 31% YoY, while imports are up 11% due to weaker domestic supply. The information provided by ING is for informational purposes only and not investment advice.



Read more at Investing.com: Brent Balances Geopolitical Risks as Iran’s Moves Offset Russia-Ukraine Tensions