- WTI crude futures price dropped on Friday, heading for their first weekly decline since mid-April.
- Concerns around dryer weather conditions in certain areas of Brazil and smaller output in Columbia.
- Platinum prices reached their lowest in 6 weeks.
WTI crude futures price dropped on Friday, heading for their first weekly decline since mid-April, in the wake of a highly uncertain outlook for global growth and fuel demand following numerous interest rate hikes around the world this week that took a toll on the markets. The International Energy Agency warned on Wednesday that the combination of soaring energy prices and weakening economic forecasts dimmed the outlook for future demand.
In addition, investors watched the supply tightness for WTI crude after the US announced sanctions on Iran. This added to concerns around production shortfalls among OPEC members and disruptions caused by unrest in Libya and Russia’s war in Ukraine.
WTI Oil Price Chart
Coffee prices rose amidst concerns around tight supplies in Brazil and a softer dollar. Brazil is behind on their coffee harvest, having harvested only 28% as of June 14th. In addition, there were also concerns around dryer weather conditions in certain areas of Brazil and smaller output in Columbia.
Coffee Futures Price Chart
Platinum prices reached their lowest in 6 weeks on Friday in the wake of rising US treasury yields which followed higher than expected US CPI inflation data, driving the demand for platinum lower. In addition the demand for the metal is expected to remain low from top consumer China as it re-imposed Covid-19 restrictions, just weeks after easing in major cities as the country saw a fresh outburst of new infections.
Platinum Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com