When we talk about the top 5 commodities, WTI( West Texas Intermediate) oil comes in the first row. With a current price rate of 107.23 USD per Barrel, WTI crude oil is setting up high benchmarks in the oil industry.
In the last 24 hours, this crude oil has increased to 0.45% in value and this doesn’t seem to stop soon. The last 7 days’ price report of this commodity shows an increase of 6.69%.
This means it has increased to 4.37% in the last month, which is a huge price gain for the oil industry.
The next big name that comes in the row is Brent crude oil which is the most traded commodity in the whole oil industry.
At present, Brent crude oil is at a value of 112.97 USD per Barrel with a 1.17% price increase at the time of writing. In the past 7 days, its price rose by a whopping 8.7% as supply continued to decrease due to conflicts between Russia and Ukraine.
Another non-renewable and highly beneficial commodity is natural gas. At present, it stands at a value of 7.86 USD per MMBtu with an increase of 7.38%. In the last 24 hours, its price rose by 2.46%.
The global demand of this commodity has increased its rate further with a whopping increase of about 54.309% in the past month. Looking at the price chart of the commodity, analysts are predicting a further increase in its price.
Another top-traded and valuable commodity is Gold. In the global market, its price continues to rise since there is no sign of abating Russia-Ukraine conflicts.
At the moment, its value is at 1988.15 USD/t.oz with an increase of 0.68% at the time of writing. In the last 7 days, it has observed an increase of 1.44%. Despite the current global crisis, gold has shown a 1.98% overall increase in its value in the last 30 days.
Silver is the only commodity that is popularly known for its beauty and conductivity. Currently, It is standing at 26.01 USD/t.oz with an increase of 1.32% at the time of writing.
Just like every other commodity, there is a decrease of 0.25% in the last 24 hours but observed an increase of 1.69% in the last 30 days.
As the markets open today, there is an increase observed in almost every other commodity. The tension grew over the weekend as the global crisis continued to unfold.