Commodities: WTI crude stages minor rebound as pundits eye support levels

West Texas Intermediate crude futures were on the up after Wednesday's tumble on shock US oil inventories data, but there remains downside risk if it breaches current support levels around $46 a barrel.

At 15:04 BST, Nymex-traded West Texas Intermediate crude was up 0.41% to $46.96 a barrel, while Intercontinental-quoted Brent was ahead 0.49% to $49.29 a barrel.

"Crude oil is bouncing near the support at $46.45. Hourly resistance can be found at $50.00," said SwissQuote in a research note.

"A break of hourly support given at $45.84 is needed to confirm the end of the bullish move," SwissQuote said. Long-term, it observed, crude was now recovering.

FXTM Research analyst Lukman Otunuga commented that WTI bears had emerged and the fears of Chinese crude demand diminishing as Beijing investigated alleged tax evasions in the oil industry may keep prices depressed.

"Bears could reclaim control with the horrible combination of oversupply fears and concerns that demand may be faltering encouraging sellers to install repeated rounds of selling on oil," Otunuga said.

"From a technical standpoint, a breakdown below $46 could open a path towards $44."

Meantime, on Comex, gold was down 0.45% to $1323.7 an ounce, with silver falling 0.25% to 18.51 an ounce. Copper, however, added 0.22% to 208.95 a pound.

London Metals Exchange-traded three-month copper, aluminium and zinc were down more than 1%, while tin was up 0.8%.

Elsewhewre, Chicago Board of Trade-quoted corn was down 0.37% to $335 a bushel, while wheat ebbed 0.59% to $423.75 a bushel.

Intercontinental Exchange-listed cocoa was 1.29% to $3056/MT, with cotton No.2 up 0.13% to $67.88 a pound and live cattle down 0.21% to $108.68 a pound.