Commodity Blog

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Oil & Copper Down

March 15, 2012 at 4:30 by Vladimir Vyun

Crude oil slipped after US stockpiles grew. US crude oil inventories increased by 1.8 million barrels to 347.5 million last week, following the 0.8 million increase in the week before. Minister of Petroleum and Mineral Resources Ali al-Naimi said that Saudi Arabia will boost production enough to compensate the absence of Iranian supply and avoid deficit. April for delivery of crude oil traded at $105.69 per barrel in electronic trading on NYMEX, following yesterday’s drop by $1.28 to $105.43. Brent was at $124.93 per barrel as of 4:20 GMT on ICE today, following the decline from $126.15 to $124.93.

Copper dropped as US fundamental data was worse than expected. Current account deficit widened to $124.1 billion in the fourth quarter of 2011 from $107.6 billion in the third quarter, while economists promised an increase to $114.0 billion. Import prices advanced 0.4 percent in February, compared to the forecast 0.6 percent increase. Copper traded at about $3.8340 per pound on COMEX today, while it was down from $3.9070 to $3.8280 yesterday.

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