Commodity price trends upwards
Commodity prices continue to rise as the Brent global benchmark advances to near $US75 a barrel.
Within only a few months, the continued rise of commodity prices has confirmed the predicted trajectory with the Bank of America which estimated that oil could hit US$100 a barrel next year.
While the immediate result is good news, the knock-on effect, which we are already starting to see, is a demand on the market that has never been felt before.
Industry commentators shared views this week that by August, global oil demand may exceed the record – 100.8 million barrels a day (currently around 97 million barrels a day). If you are interested to read more about the situation and its impact on a global scale, I recommend reading this recent Bloomberg article https://bloom.bg/3gJtpNu