Energy: Oil prices fluctuate between tensions in the Red Sea and pessimistic data on the global balance of supply and demand....

Energy: Oil prices fluctuate between tensions in the Red Sea and pessimistic data on the global balance of supply and demand. Saudi Arabia shook up the market by lowering the price of oil sales to Asia. Another factor putting pressure on oil is US production. The United States is expected to produce 13.21 million barrels per day this year, rising to 13.44 by 2025. An unexpected rise in US weekly oil inventories (+1.3 million versus -0.2 million consensus) also helped dampen buying initiatives. Brent is trading at $78, WTI costs $72.50 per barrel. 🛢️💹

Metals: Copper remains under pressure on the London Metal Exchange. The global economic barometer is trading at US$8,300 a tonne, reflecting uncertainty over the economic outlook. The World Bank forecast suggests global growth will slow to 2.4% in 2024, down from 2.6% last year. Gold is trading at around $2,050. 📉🔗

Agricultural products: Grain prices in Chicago did not change much this week, maintaining a downward trend. Corn prices have stabilized at about $4.60 per bushel, wheat prices are at $6.20

16.01.2024