Base Metals: Copper falls on rising China output

U.S. crude oil nudged a bit higher yesterday, as investors were seeking safe-haven for their investments which was aided due to weak U.S. data on Unemployment Claims. Crude oil futures on NYMEX closed at $81.37, higher by a meager $2 but also hit a record high for the year at $82, yesterday.

The OPEC Sea-borne exports will rise by 90,000 barrels per day till November 7th, which does not include Ecuador & Angola.

The Unemployment Claims increased by 531 K from its previous level of 520 K & higher than its forecast of 516 K, which provided substantial support on oil & distillate prices. With less than forecasted inventories on Crude & distillate, coupled with reduction in U.S. job claims, the prices on crude may go higher.

Courtesy: JRG Wealth Management

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