Currently crude is at the highs that it reached in 2018. Experts believe that prices can even touch $100 per barrel. The most recent of reasons for this is the airstrikes conducted by the US on Iran-backed militia groups. Reduced production by Russia and Abu Dhabi’s production and supply have made matters worse.
Furthermore, concerns of pent-up demand returning with reopening economies have given rise to concerns of crude prices skyrocketing.
Things are similarly lacklustre for gold, which saw its biggest monthly decline in four years in June. After a year of shining as a safe haven, rise in US stocks and a strengthening dollar has made gold far less enticing for investors.
Edward Morse, Global Head, Commodities at Citi, discussed where are the crude prices heading and what is his sense on the commodity prices in the future in CNBC-TV18’s show Commodity Champions.
For the full interview, watch the accompanying video...