Unprecedented natural gas reserves in Europe, record global grain output and the threat of mutual economic calamity from oil sanctions are cushioning commodity prices even as the Ukraine-Russia conflict spurs a gold rally.
West Texas Intermediate and Brent crudes fell for the first time in three days after exports from China unexpectedly shrank, stoking speculation the world’s second-largest oil consumer may miss economic growth targets.
West Texas Intermediate crude fell for a second day, trimming a monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer, as refineries enter the spring maintenance season.
West Texas Intermediate crude headed for a sixth weekly gain as freezing weather in the U.S. bolstered demand for heating fuels in the world’s biggest oil consumer. Brent is also poised to advance for the week.
Raw sugar fell in New York as an export subsidy approved by India, the world’s second-biggest producer, may push more sweetener onto the world market and damp imports by the nation’s refineries. Cocoa retreated.
West Texas Intermediate oil retreated from the highest level in 14 months as the ouster of Egypt’s president without widespread violence and continued shipments through the Suez Canal eased concern of a supply disruption.