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West Texas Intermediate (WTI), futures on NYMEX, gives up its early gains after posting a fresh over seven-week high at around $107.35 and flattens to near $104.85 during the European trading session on Thursday.

OCBC strategists Sim Moh Siong and Christopher Wong report that Silver has extended its pullback toward USD71/oz after a failed break above USD80 in mid-April, with higher Brent, hawkish rate repricing and a firmer US Dollar (USD) weighing on non-yielding metals.

Here is what you need to know on Thursday, April 30:

The war in the Middle East and the oil price surge it caused have destroyed 1.6 million barrels daily in demand, ING commodity analysts said in a note today, adding that this is nowhere near the rate of supply destruction. This has been estimated at between 13 million bpd and 14 million bpd as of la

The European Central Bank (ECB) is scheduled to announce its monetary policy decision on Thursday, following its April meeting. The Frankfurt-based institution is widely expected to keep its key interest rates unchanged, leaving the deposit facility at 2%, a level considered broadly neutral.

The Euro (EUR) extends losses for the third consecutive day against the US Dollar (USD) on Thursday, trading at 1.1663 at the time of writing, down from weekly highs at 1.1755.

MUFG’s Lloyd Chan notes that Brent Oil near US$120 and higher US Treasury yields are underpinning Dollar strength, with the Dollar holding in the 98.00–99.00 range.

The GBP/USD pair trades flat near 1.3475 during the European trading session on Thursday. The Cable consolidates as investors await the Bank of England’s (BoE) monetary policy announcement at 11:00 GMT.

Commerzbank’s Charlie Lay and Moses Lim note that the conflict in the Middle East and higher Oil prices have weighed heavily on the Indian Rupee (INR), while the Reserve Bank of India (RBI) focuses on stability.

Danske Research Team expects the European Central Bank (ECB) to leave the deposit rate at 2.00% while keeping the door open for summer tightening. The bank looks for 25bp hikes in both June and July and sees Euro Area Harmonised Indices of Consumer Prices (HICP) at 2.8–2.9% y/y, with core easing.