By JUDITH NAMUTOWE –
OIL prices on the international market stabilised after early falls yesterday as a storm that could impact the Gulf of Mexico operations supported the United States.
According to Reuters, crude and Saudi-led air strikes on Yemen’s capital, Sana’a, pushed up international brent contracts.
The report says crude recovered from a session low of US$59.62 per barrel to $59.93, while Brent futures were at $63.91 a barrel, up from a low of $63.32.
It states that despite the stabilising prices, analysts said oil markets remained oversupplied by over two million barrels per day.
On the other hand, copper staggered towards three-month lows yesterday as jitters over a delayed Greece debt deal combined with a looming summer slowdown to dampen demand prospects for the metal.
The report says three-month copper on the London Metal Exchange (LME) slipped by 0.3 per cent to $5,894 a tonne after closing a tad firmer on Friday last week when it logged its fourth weekly loss in a row, and sank to $5,858.50, so far its weakest since March 20, 2015.
The most-traded August copper contract on the Shanghai Futures Exchange was little changed in the Friday overnight session, up by 0.1 per cent to $6,889 a tonne.
