Commodities, foreign exchange – oil prices continue to rise – economy

Oil prices continued to rise on Wednesday after major exporting countries increased their production quotas by 400,000 barrels per day as planned. “Since OPEC + has ignored White House calls for a clearer expansion of the funding quota, it will continue on its current course, provided the demand outlook does not deteriorate significantly,” the analysts wrote. from investment bank RBC Capital Markets. . US President Joe Biden had campaigned for a significant increase in quotas to lower gasoline prices and thereby stimulate the global economy. The price of North Sea Brent oil and US WTI light oil rose 1.7% to $ 72.79 and $ 69.70 per barrel (159 liters), respectively.

. The fear of bottlenecks helped aluminum push prices up again. The price of industrial metal needed for automotive and aircraft construction has occasionally increased 1.7% to a ten-year high of $ 2,734.50 per tonne. Indian aluminum smelters are suffering from a coal shortage. “So far there has been no significant impact on the supply of aluminum, but the situation is worth watching,” ING Bank analysts warned. Regardless of that, Chinese authorities had shut down many aluminum smelters in recent weeks as part of the fight against illegal production.

Bitcoin was also in demand. The oldest and largest cyber currency gained as much as 3.1% and, at $ 50,380, was as expensive as it was a week and a half ago. If it were to exceed the $ 52,000 mark eventually, the path to $ 60,000 would be clear, predicted analyst Timo Emden of Emden Research. The chances of this happening are not bad, as long-term investors could build up more positions towards the end of the year.

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