Commodities update — Oil prices rise, wheat rebounds

Follow-ups -eshrag News:

Mon, 2022-03-21 08:37

RIYADH: Oil prices on Monday pushed higher after slightly losing ground last week for the lack of a viable replacement for Russian barrels in a tight market.

Brent crude futures were quoted $3.32 higher at $111.25, while US West Texas Intermediate crude futures rose $3.36 to $108.06 a barrel.

Global markets sober

On Monday, share markets were in a sober mood as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal.

Most share markets rallied last week in anticipation of an eventual peace deal on Ukraine, but it could take actual progress to justify further gains.

Trade was sluggish with Japan on holiday, leaving S&P 500 stock futures down 0.3 percent and Nasdaq futures 0.4 percent. EUROSTOXX 50 futures dipped 0.3 percent, and FTSE futures held steady.

Chinese blue chips lost 0.1 percent, with investors waiting on further details of possible stimulus from Beijing.

Indian shares were largely unchanged in volatile trading, as gains in heavyweight information technology stocks and top carmaker Maruti Suzuki offset losses in banks.

Wheat rebounds on Black Sea supply worries

Chicago wheat rose on Monday for a second session in three, as the Russia-Ukraine war and dry weather in parts of the US grain belt raised concerns over global supplies.

Corn and soybeans climbed about one percent each.

The Chicago Board of Trade’s most-active wheat contract rose 0.4 percent to $10.67-3/4 a bushel, as of 0321 GMT. The market had climbed to an all-time high of $13.63-1/2 a bushel earlier this month climbed 1 percent to $7.49-1/4 a bushel, and soybeans rose 1.1 percent to $16.86-1/4 a bushel.

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