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EIA Report Hurt Crude, China Harms Other Commodities

October 13, 2015 at 10:52 by Vladimir Vyun

Crude oil slipped today after the release of a bearish supply report from the US Energy Information Administration. The EIA predicted the current oversupply on the oil market to persist through the next year. Today’s release followed yesterday’s report from the Organization of Petroleum Exporting Countries that showed an increase of output from the OPEC.

Another reason for the drop of crude as well as other commodities (including gold and copper) was trade data from China. It showed a slump of China’s imports by 17.7 percent in September from a previous year. China is one of the world’s biggest consumers of raw materials, making news from the country very impactful on commodity markets.

November futures for delivery of WTI crude oil dropped 0.38 percent to $46.92 per barrel as of 10:46 GMT on NYMEX today. Brent crude was down 0.14 percent to $49.79 per barrel on ICE. December contract for gold slid 0.88 percent to $1,154.30 per troy ounce on COMEX. Copper lost 0.95 percent to trade at $2.3925 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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