Economic skepticism pushes oil and copper price

Growing doubts about an early recovery of the global economy weighed heavily on the commodity markets.

Frankfurt A barrel of U.S. WTI oil cost $ 91.42 with less than 0.5 percent on Tuesday. Brent oil prices were down 0.7 percent to $ 110.77. Copper traded 0.5 percent lower at $ 8,283 per tonne. Thus, all three remained within their margins in recent weeks.


A breakout is not currently in view, commodity strategist Nick Trevethan said of the ANZ Bank. "On the one hand we have the positive mood of U.S. investors who are encouraged by the local monetary policy." The U.S. Federal Reserve in mid-September eased monetary policy again (QE3). "On the other hand, the data from China that the economy is headed for its lowest point," he added Trevethan.
Financial market expert Tony Nunan of Mitsubishi Corp. ruled similarly. He emphasized that the oil price no greater price check was to be expected. The continuing tensions between Iran and Israel prevented this.