Oil Prices Soften Amid Lack of Newsflow, Metals Firm Up

Oil prices softened on Thursday, despite a lack of clear newsflow driving market movements. WTI futures traded in a $100.39-102.47/bbl range, while Brent Nov prices hovered around $103.62-106.02/bbl.

The energy complex will likely remain sensitive to geopolitical developments, which can impact supply side dynamics. The Iranian Foreign Minister and Pakistani Army Chief discussed recent regional developments during the Iranian Foreign Minister's Beijing visit on Wednesday.

Metals, however, firmed up as oil prices eased alongside a post-FOMC dollar dip. Spot gold briefly rose above its 100 DMA ($4,323/oz), while base metals mostly traded firmer, with 3M LME copper near the top of its $14,128.38-14,338.00/t range.