Lynda Davies, 11:42 am AFKI Original
Brent and U.S. oil prices stayed north of key psychological price points this week. Gold and ICE cocoa came under pressure from a strong U.S. dollar while the downtrend continued for sugar and arabica coffee .
Lynda Davies, 6:19 am AFKI Original
Oil prices remained volatile this week, with Brent crude futures surging 5 percent at midweek following comments from Saudi Arabia’s oil minister that demand for oil was growing. Improved economic data from China provided additional support. Saudi Arabia is the biggest producer in OPEC. Many blame the group’s intransigence regarding its production target for the slide in oil prices to a near six-year low since last June.
Lynda Davies, 11:12 pm AFKI Original
Brent crude reached its highest level since mid-December before a huge U.S. inventory build weighed on prices. Among precious metals, platinum dipped to its lowest level in 5½ years. Cocoa rebounded as the market fretted over lower output prospects in West Africa. Arabica coffee traded at one-year lows as robusta hit a 2½-month high.
Lynda Davies, 3:43 am AFKI Original
Crude oil prices moved up late this week with the key Brent International and U.S. West Texas Intermediate (WTI) benchmarks on Feb. 12 settling at respectively $57.05 and $51.21 a barrel respectively, basis the March contracts.
Lynda Davies, 10:14 am AFKI Original
The rising oil price ended based on more hefty U.S. stock increases. The USEIA recorded the highest U.S. commercial crude stock level since records began in 1982. Analysts also believe cuts in investment spending by oil majors are helping prices.
Lynda Davies, 12:58 pm AFKI Original
The oil price plunge continues amid another big build in U.S. crude stocks. Gold falters on renewed U.S. interest rate hike concerns. Among soft commodities, cocoa falls to a one-year low amid weakening demand while both coffee and sugar trade lower. Analysts said they expected the weaker demand and ample global supply to drive cocoa prices still lower in the coming weeks.
Lynda Davies, 1:53 pm AFKI Original
Oil prices are now around 56 percent-to-58 percent less than their June 2014 peaks. The International Energy Agency said oil prices could fall further. “A price recovery — barring any major disruption — may not be imminent, but signs are mounting that the tide will turn,” the IEA said in a report.
Lynda Davies, 5:03 am AFKI Original
Concerns that the Harmattan wind blowing across Cộte d’Ivoire and Ghana as well as Nigeria could reduce the size of this season’s cocoa crops in those countries continue to underpin the market.
Lynda Davies, 7:23 am AFKI Original
2014 shone bright for arabica coffee, which is seen as one of the best performing commodities of 2014, with ICE futures recording 50 percent year-on-year gains. Among agri-commodities, cotton was one of the worst performers. But it is crude oil where the collapse in prices in the second half of the year that has been the most dramatic. Crude oil prices in 2014 saw their biggest annual decline in six years, and ended the year close to 50 percent below where they started.
Lynda Davies, 2:27 pm AFKI Original
Oil prices continue to nosedive, with Brent North Sea crude and U.S. light sweet crude now trading at their lowest levels in more than five years. The United Arab Emirates Energy Minister Suhail Al-Mazrouei told news media OPEC would refrain from reducing output even if prices fall as low as $40 a barrel.