Oil Falls on Negative Fundamental Data, Coffee Slips on Growing Supply
Crude oil was down today on negative macroeconomic data from the United States, Europe and China. Manufacturing in China was falling in February, according to a preliminary estimate, albeit with slower pace. Reports showed that manufacturing and service industries in the eurozone also contracted. US existing home sales rose in January less than was predicted by market analysts. Earlier, crude climbed as inspectors from the International Atomic Energy Agency were denied access to an Iranian military base. April futures for delivery of crude oil fell $0.27 (0.3 percent) to $105.98 per barrel by 13:53 on NYMEX, following the previous rise to $106.47, the highest settlement since May 5. Brent crude jumped from $121.50 to $122.91 per barrel as of 19:30 GMT today on ICE and reached the daily high of $123.23 — the highest since May 3.
Coffee price also slipped on the negative data, but additionally on rising stockpiles and growing exports from Brazil.
If you have any questions and comments on the commodities today, use the form below to reply.