Softer than expected US oil inventory data gave the energy patch a lift late on Wednesday.
Commercial crude stockpiles in the States declined by 4.7m barrels over the week ending on 14 July, according to the Energy Information Administration, the US Department of Energy’s statistical arm.
That was more than the 3.5m drop analysts had predicted and came alongside sizeable drops in gasoline and distillate stockpiles as well.
In reaction to the news, West Texas Intermediate jumped 1.25% to $46.98 a barrel on the ICE, with NYMEX gasoline futures adding 2.15% to trade at $1.6128 a gallon and those for heating oil sporting a gain of 2.2% to $1.5437 a gallon.
From a bird’s eye view, as of 1824 BST the Bloomberg commodity index was up by 0.45% to 83.52 points even as the US dollar spot index edged higher by 0.16% to 94.75.
Precious metals gold and silver on the other hand were little changed trading at $1,241.90 and $16.30 an ounce, respectively, up by 0.00% and 0.17% each one.
Copper on the other hand was on the backfoot, with the three-month LME-traded contract seeing the day out from $5,966.5/oz., which was down from $6,001/oz. at the opening bell.
Similarly-dated aluminium, lead and nickel were all down too, with tin and zinc flat for the day.
On a related note, analysts at Capital Economics pointed out to clients how net-long futures positions in commodities had generally increased as investors turned more positive on the outlook for prices – courtesy of strong Chinese import and activity data and a weaker US dollar.
Out on the Chicago Board of Trade, September 2017 corn was also heading higher, tacking on 1.06% to $3.81 a bushel.
Cocoa, Cotton#2 and Live cattle contracts on the ICE were sporting similar gains.