I mentioned on Friday that the price of a barrel of crude oil was back over $80 … hitting prices last seen in 2014, before the energy glut. And this is just a little more than a year after prices went negative.
To go from sub-worthless to seven-year highs is quite the reversal.
But crude oil isn’t the only commodity that’s seen a rally of late. Copper is sitting close to all-time highs, as is fellow industrial metal hot rolled steel. Moving out of construction materials, cotton prices are at their highest in over a decade, and coffee is trading at seven-year highs. Corn prices have eased slightly in the past couple months but remain close to seven-year highs.
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