Global Commodity Prices: Mixed Movements Recorded as of 3:30 PM GMT+1, Friday, May 24, 2024


As markets closed for the week, global commodity prices witnessed a mixed bag of movements, with some commodities experiencing gains while others faced declines.

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**Crude Oil and Brent Prices Inch Up:**
– CRUDE OIL saw a modest increase of 0.80%, reaching USD 77.5 per barrel compared to the previous rate of USD 76.9.
– BRENT also experienced a slight uptick of 0.69%, with the price rising to USD 81.9 per barrel from USD 81.4.

**Natural Gas and Gasoline Prices Dip:**
– NATURAL GAS witnessed a decline of 2.85%, falling to USD 2.6 per MMBtu from the previous rate of USD 9.8.
– GASOLINE prices also dipped slightly by 0.51%, settling at USD 2.5 per gallon.

**Other Commodity Movements:**
– COAL prices surged by 1.36%, reaching USD 144.9 per ton compared to the previous rate of USD 143.0.
– GOLD and SILVER prices saw marginal increases, with GOLD rising to USD 2,333.2 per troy ounce and SILVER to USD 30.3 per troy ounce.
– WHEAT prices experienced a slight decline of 0.36%, while PALM-OIL prices dipped by 0.15%.
– COCOA prices recorded a modest increase of 0.18%, reaching USD 8,234.2 per ton.

These fluctuations in commodity prices reflect the complex interplay of market dynamics, global demand-supply trends, and geopolitical factors influencing the commodities market. Investors and traders continue to monitor these shifts closely to inform their trading strategies and investment decisions.

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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