CRUDE OIL: Global Oil Over Supply Push Prices Lower Many speculators are even positioning themselves for further price falls. While geopolitical tensions in the oil-producing Middle East tend to be a bullish factor for oil because of potential disruptions to supply, many expected that the Paris attacks would crimp economic activity in Europe, in part by reducing travel on the continent. Surprisingly, US drillers are putting rigs back to work in the oil fields after more than two months. Baker Hughes reported the US oil rig count gained by 2 to 574,” ANZ bank said today, but added that “we believe the low oil price environment will lead to a decline in drilling activity in the coming weeks.”
COPPER: Copper and crude oil prices are likely to remain under pressure short-term,” ANZ bank said in a morning note today. Copper prices have slid to a six-year low as worries about economic and demand growth in top consumer China escalates and abundant supplies reinforce expectations of surpluses. 'We're seeing short-selling largely on the back of negative news flow out of China, where the economy is still not showing signs of stabilizing,'
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