Brent Crude Oil Prices At 5 Week Lows, Silver Prices Affected By Aggressive Monetary Policy, New Concerns Around Corn Supplies
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Summary:
- The international oil benchmark fell around 6% on Friday.
- Silver fell below the $22 per-ounce mark on Friday, closing at its lowest level since June 2020.
- Failed negotiations between Russia and the Ukraine.
Brent Crude Oil prices remain supported
Brent Crude Oil prices fell to almost 5 week lows on Monday amidst concerns around slowing global economic growth and fuel demand which outweighed expectations of higher near-term consumption and ongoing supply issues. The international oil benchmark fell around 6% on Friday amidst concerns of global economic fallouts from higher interest rates shook financial markets.
U.S Energy Secretary Jennifer Granholm warned markets of a “continued upward pull on demand” over the weekend, and of the likelihood of high gasoline prices continuing. Crude prices have been supported by the war in the Ukraine, civil unrest in Libya and OPEC’s failure to pump more oil.
Brent Crude Oil Price Chart
Silver prices close below $22 per-ounce
Silver fell below the $22 per-ounce mark on Friday, closing at its lowest level since June 2020, in the wake of bets of more aggressive monetary policy tightening by central banks steered investors away from the non-yield metal.
Silver Jul ‘22 Futures Price Chart
Corn prices rising amidst new concerns around supply
Corn prices rose to 4 week highs in mid-June amidst new concerns around grain supplies. Talks between Russia and the Ukraine, two of the largest grain exporters, around resuming Ukrainian exports failed, despite Turkish efforts to negotiate a safe corridor for the grain stuck at Black Sea ports. Meanwhile, Brazil and Beijing reached an agreement after years of negotiation to start corn exports from Brazil to China.
Corn Dec ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
