Oil and metal prices set to surge as US and Britain go on spending spree3 May 2021 09:21
Happy Bank Holiday to all.
For those troubled by pay firewalls. Telegraph article.
Oil and metal prices set to surge as US and Britain go on spending spree
Reopening of global economy set to lead to an unprecedented jump in demand for commodities
Oil and metal prices are poised to surge in coming months as Britain and the US launch a once-in-a-generation infrastructure spending spree and the global economy roars back to life.
Market strategists are bracing for the biggest jump in oil demand ever after drivers returned to the roads en masse. Crude is forecast to hit its highest level in three years, ultimately driving prices higher at the pump.
Meanwhile president Joe Biden is about to launch a $2 trillion (£1.5 trillion) programme to rebuild America's crumbling roads and bridges, while in the UK Prime Minister Boris Johnson has talked about the need for a recovery led by investment in green energy.
Goldman Sachs has predicted a 14pc jump in commodity prices over the next six months, pushing a broad measure of metals and oil up to its highest level in more than six years.
The Wall Street bank expects copper to rise by over 10pc to reach more than $11,000 per ton by the first quarter of 2022, while Brent crude, the UK benchmark oil price, is set to hit $80 per barrel – a level not seen since 2018