Oil Prices Edge Lower Amid Eased Middle East Supply Concerns

Oil prices edged lower in early trading on October 1st as concerns over Middle East supply eased, with NYMEX WTI remaining below $90 per barrel. US natural gas prices fell nearly 2% day-on-day, with Henry Hub futures slipping below $3/MMBtu.

LME copper posted a third consecutive monthly gain, supported by expectations of tighter refined copper supply ahead of China's week-long National Day holiday and persistently low exchange inventories. The recent increase in crude oil inventories reported by the EIA also contributed to the decline in oil prices.

For soybeans, US inventories were reported at 315 million bushels, down 3% year-on-year and below market expectations of 321 million bushels.