Crude Backs Off–Here’s Why…
Crude traded at one-week lows after
Hurricane Dennis left little damage in its wake. Workers have begun to
return to the offshore rigs and production should be back to normal soon. Forty
two percent of the production was back online yesterday. Dennis is expected to
stall near the intersection of the Mississippi and Ohio Valleys and bring some
rain. Soybeans rose on the news.
China cut petroleum product imports by 21%
for the first half of the year. Crude imports for the fist half rose 3.9%.
Cattle fell on the news that the U.S. is
pressing to re-open trade with Canada.
Cocoa rose $8 after both sides in the
Ivory Coast dispute agreed to disarm by early October.
Copper made a 16-year high.
Brice Wightman
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