Brent crude oil price drops 3% this week while sugar prices near 1 ½-year low and orange juice prices trade in record highs

Brent crude oil dropped over 3% this week amid worries about future demand while sugar prices slide on ramped-up production in Brazil and orange juice prices hit yet another record high amid restricted supply.

Source: Getty Images

Written by

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date: 2024-05-24T12:37:46+0100

Brent crude oil price heads for sharp weekly loss

Brent crude oil front month futures prices are on track for their fifth straight day of falls amid an over 3% weekly drop as strong US PMI data pushes back US rate cut expectations.

A fall through Thursday’s 80.75 low would push the late February low at 80.25 to the fore.

Minor resistance sits at the 8 May low at 81.60.

Source: ProRealTime

Orange juice futures trade in new record highs

Front month orange juice futures have risen for thirteen straight days as crop disease and hurricanes hit supply.

They are now trading at a new record high at 453.22, above their previous November all-time high at 419.22, as shifting weather patterns and the spread of citrus greening, a bacterial disease transmitted by the Asian citrus psyllid insect, detrimentally affects top producers Florida, Brazil and Mexico.

Further up beckon the psychological 500.00 mark.

Source: ProRealTime

Sugar #11 approaches 1 1/2-year low

Front month sugar futures are once more approaching their 1 1/2-year low at 17.99, made last week, as ramped-up sugar production in Brazil improved the global supply outlook.

Below 17.99 lies the July 2022 low at 17.75 below which major support can be spotted at the 17.37 to 17.22 August-to-October 2022 lows.

While this week’s high at 18.67 and the April-to-May downtrend line cap, downside pressure should prevail.

Source: ProRealTime

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Brent crude oil price drops 3% this week while sugar prices near 1 ½-year low and orange juice prices trade in record highs

Brent crude oil price heads for sharp weekly loss

Orange juice futures trade in new record highs

Sugar #11 approaches 1 1/2-year low