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Oil Falls on Negative Fundamental Data, Coffee Slips on Growing Supply

February 22, 2012 at 19:43 by Vladimir Vyun

Crude oil was down today on negative macroeconomic data from the United States, Europe and China. Manufacturing in China was falling in February, according to a preliminary estimate, albeit with slower pace. Reports showed that manufacturing and service industries in the eurozone also contracted. US existing home sales rose in January less than was predicted by market analysts. Earlier, crude climbed as inspectors from the International Atomic Energy Agency were denied access to an Iranian military base. April futures for delivery of crude oil fell $0.27 (0.3 percent) to $105.98 per barrel by 13:53 on NYMEX, following the previous rise to $106.47, the highest settlement since May 5. Brent crude jumped from $121.50 to $122.91 per barrel as of 19:30 GMT today on ICE and reached the daily high of $123.23 — the highest since May 3.

Coffee price also slipped on the negative data, but additionally on rising stockpiles and growing exports from Brazil. ICE-monitored inventories of coffee climbed 24 percent since the end of October. Brazil boosted permits for exports of the commodity 26 percent in February from January. Coffee price slid from $2.0400 per pound to $2.0085 today on ICE.

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