Energy and commodity markets shifted on Wednesday, with Brent crude slipping below $61 per barrel after a three-day climb. The pullback came ahead of OPEC and IEA updates expected to outline production trends through 2026.

Recent U.S. sanctions on Russia disrupted trade routes, leading Lukoil to declare force majeure in Iraq, while Saudi Arabia, Iraq, and Kuwait prepared to increase December exports to India to stabilize supply. Hopes for a resolution to the U.S. government shutdown added slight support to near-term demand.

Gold climbed past $4,130 per ounce, reaching multi-month highs, while silver advanced toward $51, lifted by weak U.S. labor data and fading consumer confidence. The likelihood of a 25 bps rate cut now stands near 68%, with inflation and employment trends signaling that the tightening phase is drawing to a close.

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