Spot silver extends intraday gain to 2% at $59.48/oz.

Global oil supply rebounded by 4.1 mln bpd in June to 98.8 mln bpd, the IEA said.

Investors have raised bets that the Fed could deliver a 25bp hike as soon as this month, but Federated Hermes chief market strategist Phil Orlando said that is unlikely, expecting the Fed to look through a temporary energy-supply shock and keep rates unchanged. Last week’s weak US labour-market data pushed expectations for a final hike later into the year. London Stock Exchange Group data show money markets price a July 25bp hike at 22%.