Brent crude prices were broadly unchanged during the Asian session. Oil prices were supported earlier in the day on better than expected US economic data. US core durable goods orders rose 2.1% month on month versus forecasts of a 0.9% rise. Oil also found support on news that Australian oil output may have been cut by a quarter due to Tropical Cyclone Iggy.
Brent crude prices edged down during Asian trade following earlier gains during US markets. Oil prices rose in expectation of rising fuel demand and a weaker dollar after the FOMC stated that interest rates were likely to stay at ultra low levels until end 2014, a year later than the market expected.
Cotton prices fell sharply early in Asian session continuing the trend from earlier, following concerns that cotton was overvalued amid slow demand from China.
The BDI continues to fall on a daily basis and is now below the lows set in late 2008 early 2009.