- Brent crude oil faces production problems around the world.
- Silver prices have been driven down by the US Dollar rally.
- Corn Futures are expected to remain elevated.
Brent Crude Oil prices heavily affected by China's lockdowns.
Over the past week we have seen the price of Brent Crude Oil fell amidst the lockdowns in China. The effect the lockdowns have had on the macro economy have been big, this price fall comes despite the warnings of production problems. There is currently a production problem with crude oil worldwide. April saw Russia’s production fall by almost 1 million barrels. The problems in the supply chains, the war and the lockdowns in China are all causing huge market volatility.
Brent Crude Oil Price Chart
Silver Prices struggling to fight against the current US Dollar rally.
After seeing a dip in price on Monday, the price of silver futures seem to be somewhat recovering. One of the dominant drivers of the silver price is investor demand, seeing as it is considered a safe-haven asset that is mainly used by manufacturers of goods. The US Dollar continued to rally this past week, which is increasing the opportunity cost of holding silver, driving demand and prices down.
Silver Futures Price Chart
Corn Future Prices expected to stay elevated.
The price of corn futures saw large increases earlier this week, this comes as a result of the poor harvest in Latin America for this season, and war in the Ukraine putting pressure on supply chains and supply. Corn is up by 37% year-to-date. The prices are expected to stay elevated for some time to come.
Corn Futures Price Chart