| Analysts are calling a "renaissance" in commodities after oil climbed to a 10-month high overnight and as iron ore prices jumped further above the US$50-a-tonne threshold. On Tuesday night iron ore climbed a further 2.8 per cent to $US52.54, and is now up 9 per cent since after slumping to $US48.18/tonne last Thursday. Brent crude oil jumped 1.9 per cent overnight to $US51.49/barrel, as the US dollar continued to ease.
"It's all about energy today, with US crude breaking out again and looking like a thing of beauty," IG Markets strategist Chris Weston said Wednesday morning. "Further disruptions in Nigeria were cited, but the American Petroleum Institute's weekly inventory print released this morning showed a massive drawdown of 3.56 million barrels."..............................................Full Article: Source
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