Brent crude fell in Asian trade on fears that the Euro sovereign debt crisis would detract from unrest in the Middle East.
Brent crude rose in Asian trading. Crude prices fell yesterday on a stronger dollar (following news that little support was coming from the US FED) and an agreement from OPEC that it would hold production.
Cotton prices also fell yesterday on the strengthening dollar (reducing the appeal of cotton to buyers outside the US) before recovering some ground this morning.
In its monthly World Agricultural Supply and Demand Estimates report the USDA lowered its global cotton demand outlook by 2.6% from a month earlier. As a result cotton futures fell to their lowest level in 2 weeks having declined by nearly 14% in the past 4 weeks.
Crude futures fell in Asian trade, extending losses from European and US sessions. A drop in Chinese export growth from 15.9% in October to 13.8% in November added to the downward pressure on prices.