[MARKET ANALYSIS] Oil futures rebounded and gold is also positive but with upside capped ahead of key US jobs data

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

• Oil futures rebounded from the prior day's trough but with the upside limited after weekly private sector inventory showed a much larger-than-expected build for crude stockpiles, while US/Iran tensions remain in focus after President Trump said he was considering sending a second aircraft carrier strike group to the Middle East to prepare for military action if negotiations with Iran fail. Furthermore, he said that they will either make a deal or will have to do something very tough like last time, and expects the second round of US-Iran talks to take place next week.

Gold: +0.3%

• Mildly edged higher in choppy trade with participants lacking conviction as key US jobs report looms.

Copper: -0.1%

• Trades sideways heading to a major key risk event and with a lack of conviction seen in its largest buyer, China, following somewhat mixed Chinese inflation data.

Oil futures have bounced back slightly, though gains are limited by a surprising increase in crude stockpiles and ongoing US-Iran tensions. Gold is also up modestly, but uncertainty prevails ahead of key U.S. jobs data that may affect market sentiment and risk appetite. The lack of strong conviction in copper trading reflects broader hesitance tied to mixed economic signals from China.