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WTI Crude Below $100, Copper Suppressed

October 22, 2013 at 1:22 by Vladimir Vyun

Crude oil fell today, meaning that the West Texas Intermediate traded below $100 per barrel for the second session. A report about US oil reserves was delayed last week and released yesterday. It showed growth by 4.0 million barrels, above analysts’ expectation. Oil also fell as existing home sales dropped last month more than was predicted by specialists. November futures for delivery of WTI crude oil slipped $0.21 (0.21 percent) to $99.01 per barrel as of 00:24 GMT on NYMEX today. December contract for Brent crude was down $0.3 (0.27 percent) to $109.64 per barrel on ICE.

Copper prices were down too even though the metal attempted to rally yesterday. Copper advanced after data showed that imports in China, the biggest consumer of the industrial metal in the world, climbed 18 percent to 347,305 metric tons last month. Copper was unable to maintain the rally though, perhaps because the dollar was rising ahead of nonfarm payrolls that will be released today (they were delayed because of the US government shutdown). Copper for delivery in three months slid $1 (0.01 percent) to $7,244 per metric ton on LME today.

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