Commodities: Crude prices slip ahead of EIA inventories data

Crude futures are slipping this afternoon as the dollar weighs on prices, with traders having spent most of Wednesday looking ahead to the US Energy Information Administration's (EIA) inventories report this afternoon.

At about 13:26 BST, Nymex-quoted West Texas Intermediate crude was down 0.95% to $45.91 a barrel, while Intercontinental Exchange-traded Brent was down 1.26% to $47.76 a barrel.

Oanda senior market analyst Craig Erlam said the market anticipated another inventory rise -- the fifth in six weeks.

He was looking for a rise just shy of 1m barrels.

"A higher number here could see crude prices come under further pressure, with WTI and Brent potentially testing $45 and $47 support, respectively," Erlam added.

The EIA's release, slated for 14:30 BST followed a recent report from trade group American Petroleum Institute, which reported an estimated rise of 942,000 barrel in US crude stockpiles.

SwissQuote added that, in the long term, crude was now recovering from its sharp decline and the signs of recovery were strong.

"Crude oil is holding way above its 200-Day Moving Average," said SwissQuote, which expected the black liquid to fetch about about $60 a barrel before year's end.

At about 13:26 BST, The dollar-spot index was up 0.14% to $96.193.

Meanwhile, same time, Comex-priced gold was down 0.03% to $1316 an ounce, with silver rising 0.39% to $18.75 an ounce and copper firming 0.1% to $207.85 a pound.

Chicago Board of Trade-priced corn was down 0.08% to fetch $315.5 a bushel, while wheat rose 0.06% to be at $392.5 a bushel.

Intercontinental Exchange-quoted cocoa was ahead 0.45% to $2903/MT, while cotton No.2 slipped 0.91% to $65.69 a pound. Live cattle was 2.28% stronger at $107.48 a pound.