- Brent oil prices fell to the lowest level since July 2004 on Wednesday, as worries over the health of the global economy added to the concerns that a global supply glut may stick around for longer than anticipated. On the ICE Futures Exchange in London, Brent oil for February delivery dipped 70 cents, or 1.94%, to trade at $35.72 a barrel as of 08:48 GMT, or 3:48AM ET, after sinking to $35.54, a level not seen in more than a decade.
- Copper prices edged lower on Wednesday, after data showed that activity in China’s services sector grew at the slowest pace in 17 months in December, the latest indication that the world’s second-largest economy may be losing steam. The Caixin services purchasing managers’ index fell to 50.2 last month from November’s reading of 51.2, disappointing expectations for an uptick to 52.3.
- Natural Gas futures were trading little changed in the domestic market during noon trade on Wednesday as traders weighed bearish weather forecasts which signaled that the current bout of frigid temperatures in the US East Coast are likely to give way to unusually warm weather by the end of the week while next week’s cold blast coming to the Midwest was looking slightly less severe than expected dimming the demand for gas-fired heating at offices and homes in the world’s biggest economy.
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