Demand For Brent Crude Oil Rises, Silver Prices Rise, Improved Corn Crop Eases Supply Concerns
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Summary:
- Brent crude oil prices are rising in response to increasing demand.
- Silver prices are rising again.
- Improved weather conditions is leaving the market hopeful for an improved corn crop.
Brent Crude Oil prices rising
With the expected increase in demand for Brent crude oil in both the United States and in China's post-lockdown world, the price of Brent crude oil is rising. U.S gasoline and fuel prices remain at a record high level as the busiest driving season approaches. The market expects the demand for Brent crude to increase with the easing of lockdowns in China, causing further concerns around supply in an already tight market.
Brent Crude Oil Futures Price Chart
Silver prices rise again.
A weakening US Dollar has aided in the rising price of Silver. Silver is considered a safe asset and is commonly used as a hedge against inflation which is attractive in the current economic environment. In addition, the rise in the price of silver also comes with investor need for safe-haven assets with the geo-political tensions and the concerns around the slowing global growth.
Silver Jul ‘22 Futures Price Chart
Corn futures fall
Late last week the price of corn futures fell, this came in the wake of investors buying wheat and selling corn in spread trades amidst signs of improved U.S corn crop planting. The improved corn planting is easing concerns around supply, driving the price lower.
Corn Jul ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
