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Copper & Oil Fall During European Trading Session

March 31, 2016 at 9:56 by Vladimir Vyun

Crude oil traded lower today following yesterday’s release of US supply data. While the increase of US inventories reported by the Energy Information Administration was not particularly big and was smaller than analysts had predicted, it added to stockpiles that had already been at the record level. As a result, concerns about oversupply on the market intensified. Futures for delivery of WTI crude oil in May dropped 1.36% to $37.8 per barrel as of 9:45 GMT on NYMEX today. Brent crude fell 0.71% to $38.98 per barrel on ICE.

Prices for copper fell as well during European trading hours of the Thursday’s session. Concerns about slowdown in China, the world’s biggest consumer of the metal, translated in worries about smaller demand for copper. The weakness of the US dollar, which was helping precious metals, was not enough to support the industrial metal. May contract for copper declined 0.82% to $2.172 per pound on COMEX today.

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