Commodity Blog

Futures for crude oil declined today amid concerns about oversupply on the market. Earlier, Saudi Arabia said that it is going to cooperate with other major oil producers to support prices. But market participants were skeptical about those claims, especially after Saudi Aramco, the world’s biggest oil company, stated that it is not going to reduce output. January contract for delivery of WTI crude oil declined 1.3 percent to $42.48 per barrel as of 17:31 GMT on NYMEX today. Brent crude was down 1.6 percent to $45.43 per barrel on ICE.

Meanwhile, prices for coffee rose during the Wednesday’s trading session. The commodity has been in a free-fall for two years and reached the lowest level in almost two years earlier this month. Experts speculate that prices might have bottomed out and may start rising higher. March contract for Arabica coffee settled 0.83 percent higher at $1.2555 per pound on CBoT yesterday. Futures are not traded today due to the holiday in the United States.

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