UK: EIA forecasts large increase in global supplies of oil
LONDON (ShareCast) - The commodities complex was lower across the board on Tuesday, with market commentary focusing on the prospects for a strengthening dollar and indications for tepid demand from some regions. Three-month copper futures fell back by 2.15% to hit $6,840/metric tonne out on the LME.
Front month West Texas crude futures slipped by 36 cents to the $92.75 per barrel mark on the NYMEX. Meanwhile, Brent crude futures could again be seen below the $100 per barrel mark and at a 17-month low at the close of trading.
The latest estimates from the Energy Information Administration, the US Department of Energy’s statistical arm, pointed to global oil supplies growing by 1.6m barrels a day in 2014 whereas consumption will only expand by 1m.
Gold futures for December delivery dropped $15.6 to trade at $1,371 per ounce at the end of the session on COMEX.
Corn futures for December delivery declined by 0.3% to change hands at $3.433 per bushel out on the Chicago Board of Trade (CBoT), after having reached its lowest level since June 2010.
Wheat futures fell 0.6% to $5.245 a bushel.
Traders in the mid-western commodity exchange’s pits were awaiting the release of the latest US Department of Agriculture’s (USDA) forecasts for this season’s corn and soybean crops.
