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Commodities Hit New Highs as Traders Shun Russian Purchases

  • Oil passes $110 while wheat climbs to highest since 2008
  • China prioritizes commodities supply security as war escalates
Bloomberg business news
Global oil markets have been thrown into turmoil as traders avoid Russian crude in the wake of the nation’s invasion of Ukraine. Bloomberg’s Dani Burger reports.Source: Bloomberg
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Global commodity markets surged to multiyear highs on Wednesday after traders backed away from Russia, sparking anxiety that supply will fall short in everything from wheat to natural gas. 

Oil passed $110 a barrel, aluminum hit a fresh record and wheat rose to the highest since 2008. In Europe, natural gas prices and coal set all-time highs, deepening the region’s energy crisis.