Commodities: Oil and metals futures knocked lower by rising US Treasury yields

Overnight, Federal Reserve chief, Jerome Powell, said interest rates might be hiked past their neutral setting, which he described as still a "long" way off, sparking gains in the US dollar.

Against that backdrop, as of 1901 BST the Bloomberg commodity index was dropping by 0.84% to 86.94 with West Texas Intermediate crude oil futures sliding by 2.94% to $74.16 a barrel on the NYMEX.

Similarly-dated RBOB gasoline was down by 2.36% to $2.0873 a gallon alongside it, while natural gas futures were off by 2.35% to $3.15/MMBtu.

Base metals were all lower by the close as well, amid what traders described as "moderate" turnover, with aluminium and copper surrendering early gains.

Describing the price action in markets, analysts at Sucden Financial said: "The afternoon saw quite choppy trading conditions as the markets retreated from the earlier highs, flushing out the weaker longs, with ali back through 2200 to 2165 area and copper losing ground through 6300."

Three-month aluminium futures on the LME finished the session at $2,169.5 per metric tonne after opening at $2,235 with copper slipping from $6,307 per tonne to $6,290.

Agricultural commodities was one of the few bright spots, with the December corn contract on the CBoT adding 0.82% to $3.6775 a bushel.