One distinct aspect of tonight’s market action is the divergence between copper and oil prices. As oil surges almost 8% higher copper is dropping 1%. This is a clear sign that the rise in oil prices is causing fears of a global economic slow-down. The risk of turmoil in the Middle East has the potential to have a very real impact on the global economy. Weak developed markets likely can’t handle a sustained shock from higher oil prices. Tonight’s decline in copper prices appears to be reflecting this belief.