Commodities round-up: Crude oil price records best week in January; $80/bbl to hold

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Crude oil prices saw the best week in a month with 5 percent of gains on record. It’s trading very close to two months high; some profit-taking from higher levels because supplies have returned from Libya and Kazakhstan last week.

Also, there are statements from OPEC, suggesting that the global crude demand will average 99.13 in the first quarter and 100.6 million barrels for overall 2022. This will continue to support the prices and USD 80 per bbl could hold as a support for crude for the coming few days.

Iron ore is also trading at around an 8-week high. Strong raw material demand returning from China and limited production has been supportive, as has been the case with many other metals as well.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.