Crude futures declined Thursday after a wobbly session of slight gains and
losses as Federal Reserve Chairman Ben Bernanke testified before Congress,
stealing the spotlight away from a surprise interest-rate cut in China that had
fueled a rally earlier in the session. China rate cut provided support but
Bernanke comments poured cold water on initial rally and prices came down.
Copper rose on Thursday after China's government agreed to cut
benchmark lending and deposit rates for the first time since the global financial
crisis, though comments by the U.S. Federal Reserve chairman that dashed
hopes for imminent monetary easing later limited gains. Fed Chairman Ben
Bernanke told Congress the bank was ready to shield the economy if financial
troubles mount, but his testimony was disappointing for metals markets as it
gave no clues about further monetary easing.
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