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Commodities are going straight up, with oil being at top of the way as just today the prices surged to a peak at a record of $120 per barrel.
those skyrocketing crude prices have been a re-occur theme in the last months - as stocks fell to risk aversion and the USD went down traders wanted a safe destination in order to protect their investments.
Increasing demand for commodity imports from weaker though upcoming markets like India and China offered a rare positive story as a something unusual, attracting huge inflows from speculators and leading the prices to very high amounts. Crude has gained 22% since the beginning of 2008 alone. Energy costs have fueled inflation, depressed consumption, and unordered trade behavior in most G7 economy. Just as observers were starting to realize the idea of oil reaching $100 per barrel and increasing to even the peak and record which is now set on $120 per barrel, it became apparent that $200 a barrel had nearly arrived.
14:07
Posted on May-07-2008
