- Category: Oil | Brent and WTI Crude
- Published: Tuesday, 18 October 2011 12:12
The WTI crude oil price is 0.38% lower on the day at 86.17 USD / bbl.
The brent crude oil price is 0.98% lower at 109.16 USD /bbl.
Oil prices are weaker in line with softer global markets today, that said, losses appear to be limited.
KBC Markets comment:
"Brent crude led losses on Monday after Germany’s FinMin Schaeuble curbed overly positive expectations that there would
come a definitive solution to address the EMU debt crisis at next weekend’s EU summit.
"Today in early trading, slightly disappointing figure on China’s GDP further undermined the price of oil, which even touched 109 USD per barrel (USD/bbl)."
On the other hand, still strong industrial output of the world’s second largest crude consumer indicates that the demand for oil might remain relatively solid.
Slightly slower growth of China’s economy in Q3/2011 has had a visible impact on the price of copper.
The red metal lost more than 5% in few hours and currently is hovering at 7300 USD per ton level despite the fact that operations at Grasberg mine (the world’s second largest mine which produces more than 3% of total mine output) in Indonesia have been halted due to security issues.
Mine operator is still evaluating the impact of cut pipeline on copper shipments.
Moreover, workers at another Freeport-McMoRan's mine, Peruvian Cerro Verde, went on a strike on Monday. Unions demand
an 11 % wage increase.