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Crude Oil Fails to Reach $50, Metals Demonstrate Losses

September 30, 2016 at 0:41 by Vladimir Vyun

Futures for crude oil struggled to extend their rally today, and prices failed to reach the psychologically important $50 level. This made analysts speculate that the commodity’s upside momentum is waning. On Wednesday, the Organization of Petroleum Exporting Countries announced an agreement to cut oil production as a measure to support prices. Yet there are doubts that the deal will hold, especially as Iraq, the second biggest OPEC producer, voiced displeasure with the output cap. Futures for delivery of WTI crude oil slipped 0.08% to $47.79 per barrel as of 00:24 GMT on NYMEX today after rising 1.7% yesterday. Brent crude settled up 1.13% to $49.24 per barrel on ICE.

Prices for metals were down during the Friday’s Asian trading session as traders were waiting for manufacturing reports from China. Both official and private data will be released a bit later today, and it can have a big impact on prices as China is one of the biggest consumers of commodities in the world. Meanwhile, positive macroeconomic data from the United States and prospects for monetary tightening from the Federal Reserve were pushing metals lower. December futures for gold slid 0.08% to $1,324.9 per troy ounce on COMEX today. Contract for silver declined 0.25% to $19.14 per ounce. Copper was down 0.16% to $2.1865 per pound.

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