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Spread Between Brent & WTI Crude Narrows, Copper Posts Gains

December 9, 2013 at 17:45 by Vladimir Vyun

Brent grade of crude oil declined today as a string of negative reports from the eurozone made investors concerned about fragility of European recovery. West Texas Intermediate crude rose, meaning that the spread between WTI and Brent oil narrowed. German industrial production unexpectedly declined 1.2 percent in October after falling 0.7 percent in September. German trade surplus narrowed more than was expected. January futures for delivery of Brent crude oil sank as much as $1.76 (1.58 percent) to $109.85 per barrel as of 17:35 GMT on ICE today. At the same time, WTI crude was up $0.05 (0.05 percent) to $97.70 per barrel on NYMEX.

Copper prices rose today as China’s trade balance improved. There were signs that imports of the metal into the country are rising, while stockpiles are dwindling. China is the biggest copper consumer in the world. March contract for delivery of copper added $0.003 (0.09 percent) to $3.253 per pound on COMEX today.

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