Commodities Adopt A Sluggish Pace
Dalal Street Investment Journal|July 19, 2021
The tiff over oil production and China’s new policy on base metals were some of the factors that impacted the commodity markets across the globe

The Organization of the Petroleum Exporting Countries (OPEC) and their allies failed to reach an agreement on a change in the production policy and all further negotiations have been postponed indefinitely. This sent the crude oil soaring to a six-year high of USD 76.98 per barrel during the fortnight. The resurgence of economies globally is driving demand for black gold. Hence, OPEC Plus leaders Saudi Arabia and Russia proposed to increase production by four lakh barrels per day each month from August 2021 till the end of the year. However, the United Arab Emirates (UAE) rejected this proposal.

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