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Crude Oil Drops with China’s Manufacturing, Wheat Rises

January 23, 2014 at 4:49 by Vladimir Vyun

Crude oil fell today on concerns that demand for fuel in China will drop with slower economic growth. The HSBC Flash China Manufacturing Purchasing Managers’ Index fell to 49.6 in January from 50.5 in December, while specialists have thought it would stay little-changed. It was the weakest reading in six months. The Asian country is the second biggest consumer of oil in the world. March futures for delivery of WTI crude oil dropped $0.25 (0.26 percent) to $96.48 per barrel as of 4:36 GMT on COMEX today. Contract for delivery of $0.20 (0.18 percent) to $108.07 per barrel on ICE.

Wheat rallied today amid worries about cold weather in the United States. Freezing temperatures may hurt crops in planting areas not covered in snow. Weather forecasts were already helping natural gas and now boost the agricultural market. March futures for delivery of wheat rallied $0.0275 (0.49 percent) to $5.6400 per bushel on CBoT.

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