Commodities: Crude Oil, Copper Lower After Japan Quake; Uranium Down Sharply With Reactor Breakdown
Crude oil is under $100 a barrel for the first time in two weeks as demand is expected to fall in the wake of the Japanese earthquake and tsunami. Copper also is lower while uranium is down amid safety concerns spurred by a threatened meltdown at the nuclear reactor in Fukushima.
oil finished last week at $101.16 a barrel and mostly has been under pressure since trading resumed last night, at one point sliding as low as $98.47 before recovering moderately over the past few hours.
Uranium stocks such as Uranium One (UUU.TO) and First Uranium (FIU.TO) are expected to fall hard once the Canadian market open. Uranerz Energy Corp. (URZ.TO, URZ) was down 21.5% to $3.10 a share in U.S. pre-trade.
Gold is higher gained for a second day in renewed haven buying.
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