During the 2000s, the price of Brent Crude rose above $30 a barrel in 2003 before peaking at $147.30 in July 2008. With the onset of the Great Recession, reduced demand for oil caused the price to fall to $39 per barrel in December 2008.[4]
The chart shows the major factors influencing the fall in global commodity prices in the second half of 2014 (Saggu and Anukoonwattaka, 2015).[5]
Global commodity prices fell 38% between June 2014 and February 2015. Demand and supply conditions led to lower price expectations for all nine of the World Bank's commodity price indices – an extremely rare occurrence. The commodity price shock in the second half of 2014 cannot be attributed to any single factor or defining event.[6] It was caused by a host of industry-specific, macroeconomic and financial factors which came together to cause the simultaneous large drops across many different commodity classes. Amongst these, the transition of China's economy to more sustainable levels of growth and the shale-energy boom in the United States were the dominant demand-side and supply-side factors governing the downturn in global commodity prices.[7]
On April 20, 2020, WTI's May contract closed at -$37.63/barrel while the June contract closed at positive $20.43/barrel. The main cause is due to the ongoing COVID-19 pandemic which has reduced demand along with storage issues and the expiration of the May contract the following day.[8]
^"Crude Oil Brent US Dollars per Barrel December 2008". countryeconomy.com. Retrieved 2020-05-03.
^Saggu, A.; Anukoonwattaka, W. (2015). "China's 'New Normal': Challenges Ahead for Asia-Pacific Trade". United Nations ESCAP. SSRN 2628613. {{cite web}}: Missing or empty |url= (help)
^Saggu, A.; Anukoonwattaka, W. (2015). "Global Commodity Price Falls: A Transitory Boost to Economic Growth in Asia-Pacific Countries with Special Needs". United Nations ESCAP. SSRN 2617574. {{cite web}}: Missing or empty |url= (help)
^Saggu, A.; Anukoonwattaka, W. (2015). "Commodity Price Crash: Risks to Exports and Economic Growth in Asia-Pacific LDCs and LLDCs". United Nations ESCAP. SSRN 2617542. {{cite web}}: Missing or empty |url= (help)
^Investor's Business Daily (2020-04-20). "Oil Prices In U.S. Settle In Negative Territory At -$37.63 A Barrel | Investor's Business Daily". Investor's Business Daily. Retrieved 2020-04-26. {{cite news}}: |last= has generic name (help)
External linksedit
"Asia-Pacific Trade and Investment Report 2015: Supporting Participation in Value Chains", United Nations ESCAP, November, 2, 2015 2020-05-02 at the Wayback Machine
February 15, 2024
commodity, price, shocks, times, when, prices, commodities, have, drastically, increased, decreased, over, short, span, time, contents, post, napoleonic, irish, grain, price, land, shocks, 1815, 1816, 1971, 1973, 2000s, decade, second, half, 2014, 2020, also, . Commodity price shocks are times when the prices for commodities have drastically increased or decreased over a short span of time 1 Contents 1 Post Napoleonic Irish grain price and land use shocks 1815 1816 2 1971 1973 3 2000s decade 4 Second half of 2014 5 2020 6 See also 7 References 8 External linksPost Napoleonic Irish grain price and land use shocks 1815 1816 editDuring the international Post Napoleonic Depression 1815 1821 following the conclusion of the French Revolutionary and Napoleonic Wars 1792 1815 wheat and other grain prices fell by half in Ireland and alongside continued population growth landlords converted cropland into rangeland by securing the passage of tenant farmer eviction legislation in 1816 which led because of the Irish workforce s historic concentration in agriculture to a greater subdivision of remaining land plots under tillage and increasingly less efficient and less profitable subsistence farms 2 3 1971 1973 editAt the time of the 1973 oil crisis the price of corn and wheat went up by a factor of three 2000s decade editMain article 2000s commodities boom During the 2000s the price of Brent Crude rose above 30 a barrel in 2003 before peaking at 147 30 in July 2008 With the onset of the Great Recession reduced demand for oil caused the price to fall to 39 per barrel in December 2008 4 The 2007 2008 world food price crisis saw corn wheat and rice go up by a factor of three when measured in US dollars Second half of 2014 edit nbsp The chart shows the major factors influencing the fall in global commodity prices in the second half of 2014 Saggu and Anukoonwattaka 2015 5 Global commodity prices fell 38 between June 2014 and February 2015 Demand and supply conditions led to lower price expectations for all nine of the World Bank s commodity price indices an extremely rare occurrence The commodity price shock in the second half of 2014 cannot be attributed to any single factor or defining event 6 It was caused by a host of industry specific macroeconomic and financial factors which came together to cause the simultaneous large drops across many different commodity classes Amongst these the transition of China s economy to more sustainable levels of growth and the shale energy boom in the United States were the dominant demand side and supply side factors governing the downturn in global commodity prices 7 2020 editMain article 2020s commodities boom On April 20 2020 WTI s May contract closed at 37 63 barrel while the June contract closed at positive 20 43 barrel The main cause is due to the ongoing COVID 19 pandemic which has reduced demand along with storage issues and the expiration of the May contract the following day 8 See also editShock economics 2000s commodities boomReferences edit Google Scholar Blessing Patrick J 1980 Irish In Thernstrom Stephan Orlov Ann Handlin Oscar eds Harvard Encyclopedia of American Ethnic Groups Cambridge MA Harvard University Press p 529 ISBN 978 0674375123 OCLC 1038430174 Jones Maldwyn A 1980 Scotch Irish In Thernstrom Stephan ed Harvard Encyclopedia of American Ethnic Groups Cambridge MA Harvard University Press p 904 ISBN 978 0674375123 Crude Oil Brent US Dollars per Barrel December 2008 countryeconomy com Retrieved 2020 05 03 Saggu A Anukoonwattaka W 2015 China s New Normal Challenges Ahead for Asia Pacific Trade United Nations ESCAP SSRN 2628613 a href Template Cite web html title Template Cite web cite web a Missing or empty url help Saggu A Anukoonwattaka W 2015 Global Commodity Price Falls A Transitory Boost to Economic Growth in Asia Pacific Countries with Special Needs United Nations ESCAP SSRN 2617574 a href Template Cite web html title Template Cite web cite web a Missing or empty url help Saggu A Anukoonwattaka W 2015 Commodity Price Crash Risks to Exports and Economic Growth in Asia Pacific LDCs and LLDCs United Nations ESCAP SSRN 2617542 a href Template Cite web html title Template Cite web cite web a Missing or empty url help Investor s Business Daily 2020 04 20 Oil Prices In U S Settle In Negative Territory At 37 63 A Barrel Investor s Business Daily Investor s Business Daily Retrieved 2020 04 26 a href Template Cite news html title Template Cite news cite news a last has generic name help External links edit Asia Pacific Trade and Investment Report 2015 Supporting Participation in Value Chains United Nations ESCAP November 2 2015 Archived 2020 05 02 at the Wayback Machine Retrieved from https en wikipedia org w index php title Commodity price shocks amp oldid 1195283390, wikipedia, wiki, book, books, library,
