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Crude Jumps on Fear of Storm, Copper Fells on China’s PMI

September 1, 2011 at 23:51 by Vladimir Vyun

Crude oil jumped to the highest level in four weeks today in New York as energy companies evacuate platforms from the Gulf of Mexico on forecast that a storm may develop in that area. The National Weather Service increased probability that a tropical storm will develop in the area in the next two days from 60 percent to 80 percent chance today. Worries about potential disruption of oil supplies made prices surge. October futures for delivery of crude oil rose $0.12 to $88.93 per barrel on NYMEX, the highest settlement prices since August 3. October futures for Brent crude fell $0.56 (0.5 percent) to $114.29 per barrel on ICE.

Copper fell as manufacturing in China, the biggest consumer of the metal in the world, expanded less than predicted. China’s Purchasing Managers’ Index, according to the China Federation of Logistics and Purchasing, was at 50.9 in August, while forecasters promised it to be at 51.2. Traders become concerned as manufacturing in Asia and Europe slows. Futures for delivery of copper in December fell $0.044 (1 percent) to $4.1605 per pound by 13:00 on COMEX.

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