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Weekly Pricing Pulse: Iranian Crude Supply Drives Oil Prices To Multi-Year Highs | Seeking Alpha

Fear about too little supply has gripped oil markets recently and caused crude prices to surge 4.4% last week. Chemical prices moved in sympathy with oil and rose an even stronger 5.2%. Although more broadly commodity prices continue to be soft, the strength seen in the petro-chemical complex was enough to drive the IHS Markit Materials Price Index (MPI) 1.7% higher for the week.

Apart from oil and chemicals, only the MPI’s non-ferrous metal sub-index rose last week. Steel-making raw materials showed no change in prices, while the other six components of the MPI all fell. Lumber prices dropped another 9.1% last week after plunging 13% the week before, while dry bulk charter rates declined 5.8%.

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Weekly Pricing Pulse: Iranian Crude Supply Drives Oil Prices To Multi-Year Highs | Seeking Alpha.