Commodities: WTI skids lower on reports Russian output cuts falling short

Energy futures slumped following reports that Moscow's oil output cuts were falling short of the targeted levels and the arrival of clean Russian crude to Belarus, which pointed to a prompt resolution of the recent disruption of supplies to Eastern Europe.

Geopolitics remained in focus with the most recent market commentary speculating that the de facto Venezuelan president, Nicolas Maduro, might yet manage to retain his grip on power, forestalling some of the more immediate risks to that country's oil production.

On the back of all of the above, as of 2211 BST front month Brent crude oil futures were trading 2.51% lower to $70.37 a barrel on the ICE, while June WTI was off by 3.24% to $61.54 a barrel.

In parallel, the Bloomberg commodity index was trading 0.90% lower at 79.70, as the spot US dollar index edged up by 0.16% to 97.8430.

With the Greenback just off its 52-week highs, gold was also under pressure, with the June contract on COMEX retreating by 0.97% to $1,271.70/oz..

Most LME base metals contracts ended lower too, with three-month copper slipping from $6,212 per metric tonne at the open to $6,167 in what analysts at Sucden Financial described as "nervous choppy" conditions.

Among the soft commodities, July cocoa on ICE was up by 2.55% to $2,374 per metric tonne, while July wheat on CBOT was adding 1.83% to $4.44 a bushel.