Markets: Commodities pause after sprinting higher

Commodity markets paused for breath on Tuesday after sprinting to their highest levels of the year in the previous session following a sharp weakening of the US dollar and positive manufacturing data which bolstered hopes for an early global economic recovery.

In energy markets, Nymex September West Texas Intermediate oil held above the $70 a barrel level, trading $1 lower at $70.58 after reaching $71.95 in the previous session.

ICE September Brent lost 62 cents at $72.93 a barrel after reaching a 2009 high at $73.75 in the previous session.

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