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War in Ukraine Causes
Global Commodity Spike
The political tensions between Russia and Ukraine have rattled the markets, pushing commodity costs up to record highs. After Russia’s troops had crossed the Ukrainian borders, oil immediately soared by 21%. Brent crude continues climbing, trading at $133 per barrel. WTI surged to around $124 per barrel. Reuters predicts that Brent crude could outdo the $147.50 record price set in 2008.
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Agricultural commodities have also been rising. As Russia and Ukraine are the major exporters of wheat and corn, the cost of these grains has reached unprecedented levels. Wheat has skyrocketed 60%. Corn has added 15%. Analysts at Reuters predict that there is room for more increase in these grains’ price.
The turmoil in the commodity market is estimated to continue. Commodity prices might go on surging, presenting lucrative opportunities for traders.
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Make the most of the drastic changes occurring in the commodity sector.
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