Banks’ pullback from commodities trading is weakening the link between raw materials and equities and helping to re-establish supply and demand as the main factor in setting prices, United Nations researchers say.
Brent and West Texas Intermediate crudes rose to five-week highs as tension escalated between Ukraine and Russia, the world’s biggest energy exporter. Brent’s premium to WTI widened for the first time in seven days.
Brent crude advanced as escalating tensions between Ukraine and Russia, the world’s biggest energy exporter, offset the potential for increased Libyan supply. West Texas Intermediate traded between gains and losses.