Global oil demand is unlikely to return to pre-crisis until 2022, following the biggest downturn in oil market history, the International Energy Agency (IEA) reported on Tuesday.
As more Indian stayed home because of COVID-19, food prices surged by as much as 20% in the first four weeks since the government announced a national lockdown on March 24.
Global demand for gold increased 1% annually to reach 1,083.8 tonnes in the first three tumultuous months of 2020, as worries over a world economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal.
Oil prices plunged over 30% on Monday (March 9) suffering the biggest decline since the 1991 Gulf War, following a collapse in talks between Saudi Arabia and Russia at the OPEC+ meeting in Vienna last week.
Prices of copper, an indicator of the global economy’s health, have plunged more than 12% this year, as a deadly coronavirus outbreak in China has led to a shutdown in the country's key manufacturing regions.
Demand for gold declined by 1% in 2019, with China and India contributing most to the decline in demand, the World Gold Council (WGC) announced on Thursday (Jan.30), saying global demand stood at 4.4 trillion tonnes.
The United Nations food agency (FAO) has reported that world food prices rose in December to their highest since 2014, lifted by strong rallies in vegetable oils, sugar and dairy markets.
The biggest change in the oil and shipping industry in decades is set to come into force in less than a month.
Energy and metal commodity prices are expected to continue to fall in 2020 following sharp declines in 2019 on a weaker outlook for global growth and consequent softer demand, the World Bank said in its October Commodity Markets Outlook.
Oil prices fell on Monday (Nov. 11) as investors feared the United States and China are not that close to resolving their ongoing trade dispute. Brent crude was down 69 cents, or 1.1%, at $61.82 by 0730 GMT while U.S.