[MARKET ANALYSIS] Oil futures are positive but with gains capped amid the ongoing geopolitical backdrop and a substantial inventory build

WTI/Brent: WTI Apr'26 +0.6% / Brent May'26 +0.6%

• Oil futures are mildly positive but with gains capped after the prior day's choppy price performance in which pressure was seen after comments from Iran's Deputy Foreign Minister that Tehran is ready to take any necessary step to reach a deal with the US, and a strike on Iran is a real gamble, while the latest private sector inventory data showed a significant build of 11.4mln bbls for headline crude stockpiles.

Gold: +0.8%

• Gradually edged higher with upward momentum seen as Shanghai commodities trading got underway.

Copper: +0.1%

• Remains afloat near the USD 6.00/lb level after gaining yesterday amid the turnaround in risk sentiment.