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Crude Oil Falls, China Does Not Help Industrial Metals

April 1, 2014 at 4:21 by Vladimir Vyun

Crude oil declined today as US and Russian officials were talking about the situation in Ukraine. US Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov met in Paris and stated after the meeting that they will continue to seek out solution that would be most favorable to Ukraine. No actual decision was made, but at least there were signs of willingness to find a peaceful resolution of the conflict, and this relieved concerns about possible supply disruptions for oil. May futures for delivery of WTI crude oil fell $0.26 (0.26 percent) to $101.32 per barrel as of 4:49 GMT on NYMEX today. Brent crude $0.10 (0.09 percent) to $107.66 per barrel on ICE.

Industrial metals, including silver and copper, declined today despite positive macroeconomic data from China. The seasonally adjusted China Manufacturing Purchasing Managers’ Index was stable at 50.3 in March. A reading above 50.0 indicates an expansion of the sector. Good news from the second world’s biggest economy is usually positive for industrial metals, but it was not the case this time. Silver lost $0.09 (0.45 percent) to $19.70 per troy ounce on COMEX today. Copper futures declined $0.0015 (0.05 percent) to $3.0240 per pound.

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