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Wednesday, November 4, 2015

Crude Oil News Updates Today

COPPER: London copper rose in Asia on Tuesday, extending gains from the previous day as the export component of a Chinese factory survey climbed, offering modest price support.
Base metals prices are expected to diverge today. China aims to materialize a fully moderately well-off society by 2020, boosting crude oil prices, but gave little boost to base metals. 

CRUDE OIL: Crude prices rose about 4 percent on Tuesday as a rally in U.S. gasoline and diesel added support to oil markets already boosted by an industry strike in Brazil and force majeure for Libyan crude loadings.

An oil workers' strike in Brazil, the ninth biggest global producer, that began on Sunday cut around half a million barrels of output in the first 24 hours and has slowed state-run Petrobras' daily oil output by around 25 percent, according to the union. 

In Libya, the export terminal at the eastern port of Zueitina was closed and force majeure has been declared on crude oil loadings, market sources said. 

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