(USOIL) Crude Oil Price To Jump Above $110!? Soaring Coffee Demand
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Summary:
- Price of Crude oil prices skyrocketed
- High global demand for coffee
- Price of platinium is rising again after the UK announced further sanctions on top Platinum suppliers
The price of US Crude oil reflects the market's volatility and its liquid nature, the commodity is also used as a benchmark for global economic activity
At the start of the Russia-Ukraine conflict, the price of Crude oil prices skyrocketed to unprecedented levels. The fall in the price that followed came after the White House's announcement that the US was considering releasing record breaking amounts of US crude oil in an attempt to combat shortage fears. The price is once again on the increase due to the high expectations on demand for US Crude coming hand-in-hand with the limited supply.
US Crude Oil Price Chart
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Coffee is second to Crude oil when it comes to popularity in the commodities market
Despite the high global demand for coffee, the price is still falling due to unfavorable weather conditions during the growth phase, this comes in addition to the high increase in the cost of shipping also.
Coffee Price Chart
Platinum as a commodity in the current market
The price of platinum increased earlier this month as a result of the rising in demand for the commodity. However, shortly after the initial increase, the price began to fall again and given the current conflict between Russia and the Ukraine, this is not very surprising (Russia is the second largest producer of Platinum after South Africa). The price is rising again after the UK announced further sanctions on top Platinum suppliers, sparking fears of shortages.
Platinum Price Chart
Sources: capital.com, Tradingeconomics.com, Finance.yahoocom, Dailyfx.com
