Trader’s Timeout: Commodities Surge as Australia Recovers from Storm

[kreslik.news]

This article was written by Evdokia Pitsillidou, Risk Management Associate at easyMarkets.

The price of oil, precious metals and agricultural products surged this week in what commentators are calling a commodities renaissance, even after a weekend of disruptive weather in Australia halted everything from electricity to trade and exposed insurance companies to massive losses.

Crude oil approached $53 a barrel yesterday for the first time since October in what has amounted to a 90% rally since the winter. Brent crude futures, the international benchmark, reached a high of $52.86 a barrel Thursday morning as well.

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