 Hello and welcome to CMC Markets and a quick look at commodities on Wednesday the 8th of February. There are two particular markets I'm particularly interested in in this little brief update. First and foremost is crude oil prices. We've seen them come off quite sharply in the past couple of days. Obviously, one of the catalysts for the decline yesterday was that huge build in US API inventories, 14.2 million barrels as opposed to an expected two and a half million barrels. And we've seen a big, big decline in oil prices over the course of the past two days. Now that doesn't necessarily mean that we've necessarily seen the top, but what it does mean is that I think the potential for further oil price gains above the highs that we've seen thus far this year is likely to remain fairly limited because it would appear that the ramped up output from US Shell producers, and that's certainly been reflected in recent RIG account data, does appear to be filling the gap that's being left by OPEC output cuts. So I think the key levels to watch out for on Brent crude are at the 50-day moving average, which at the moment we're sort of flirting with on the Brent contract and the key support from the lows that we saw in January and about $53 a barrel. And just because we've seen two days of very sharp declines doesn't necessarily mean we have the momentum to push through that key support area there because we saw a significant decline in the early part of January, didn't break that support, and I think that really remains a very, very key line in the sand with respect to the future direction of Brent crude prices. What is significant I think is WTI because I certainly think in terms of output cuts that's probably where we could see a significant amount of mileage because we've seen a much bigger reaction on WTI, not surprising because of obviously the API data last night. If that number is borne out by cushing inventory data later today then we could well see these lows around about $50 a barrel come under a significant pressure and we have closed below the 50-day moving average. So I think that's quite significant momentum is starting to turn on much less positive crude oil longs are still very elevated levels and as such I think the risk at the moment now does appear to be towards the downside and the likelihood of further gains towards $60 a barrel does appear to have diminished. So on copper prices looking at some very key levels here, the 200-week moving average, copper prices are heading higher again on the basis of some strikes which are due to start on Thursday at Chili's biggest copper mine, BHP Billiton has announced that work will stop on that particular day and that does appear to be prompting a push higher in copper prices towards the 200-week moving average and the previous peaks that we've seen in November of last year and early January. So this is the key level on copper prices around about $273 if we do break higher then really we're looking at levels last seen in the early part of 2015. So those are the key levels on copper and Brent crude prices. Thanks very much for listening. It's Michael Houston talking to you from CMC Markets.