Commodities bounce back after being knocked down

Crude bounced back from its 6-year low, oil and metals are moving in lockstep and industrial metals are pushed higher. Oil improved modestly after falling down to mid- $30 per barrel prices, despite the constant US stockpile rise and OPEC's  above anticipated figures of production.

The metals are under pressure, but recent orders of aluminium, iron and copper ore have crossed predictions. As Chinese CPI continues to rise, oil and metals might start to stabilize.

Today's economy might be led by the commodities, which are strong indicator of both growth and recession.

"Commodities remain a driving force in today's economy and are a strong indicator of both growth and recession", says Voya Global Perspectives.

Crude oil prices rose early today, helped by US crude inventories drop and signs of US production slippage after ten consecutive weeks of builds, however, a global supply-glut and cheap oil are still the dominant factors.

U.S. crude futures were trading at $37.40 per barrel in early trades, rose 24 cents from last settlement, still not far off this week's 7-year lows. Brent futures were trading at $40.35 a barrel, climbing 24 cents.