Project Description
The crude oil price has been rising ever since December last year and of course was accelerated by the invasion of Ukraine. Since the invasion, it’s continued to march from $90 barrel all the way up to a peak of $120 a barrel in mid June. Although the price has fluctuated, it’s been following the same linear upward curve, but the trend has broken and the price has fallen back to about $100 per barrel.
May has been a much stronger month gaining 6% with all areas growing except for vegetable oil which understandably has been declining due to the war in Ukraine. Overall crude oil gained 9 million tonnes in May. These were coming from outside Asia. However, Chinese crude imports rose by 1 million tonnes in May.