Hot Commodities

Oil climbed after Saudi Arabia signalled confidence in demand with a bigger-than-expected price increase of its crude for Asia in July as China - the world’s top crude importer - cautiously emerges from lockdowns. Crude is hovering at $120 a barrel, near the highest level in almost three months. Oil has rallied almost 60% this year as rebounding demand from economies recovering from the pandemic coincided with a tightening market after Russia’s invasion of Ukraine.

The rally in other raw materials also shows little sign of a let-up, with natural gas and wheat among the biggest movers alongside oil this year. Hot commodities will continue to impact the world economy via inflation, geopolitics and more.