23rd November 2010
Levels of optimism about the economic stability of the Eurozone were tracked by the crude oil trading prices yesterday.
Initial market optimism over the Irish bailout saw WTI crude futures rise by 89 cents and Brent crude prices increase by more than a dollar.
However, it wasn't to last, as fears over the economic situation in Spain and Portugal left the US crude oil trading down 38 cents at $81.60 a barrel, whilst Brent prices were reined in to $84.15.
Commodity trading has also been hit by the news that China's copper imports have slid to a one-year low of a little under 170,000 metric tons (169,897tn) in October.
As a result, copper prices dropped 2.1 per cent to $3.76 a pound in New York, wiping out much of the three per cent gained in the previous three sessions.
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