Commodities prices skyrocket
Commodities world market price index CRB rose 3.8 per cent on Monday, a jump not seen since 1956. The panic was caused by hurricane Rita, approaching the Gulf of Mexico and its oil production facilities in Texas and Louisiana, already damaged by hurricane Katrina some weeks ago. Prices dropped later, when the hurricane took another direction but nervousness on commodities markets has not changed as world oil supply can hardly keep pace with increasing demand. Organisation of petrol exporting countries OPEC abolished production quotas yesterday but this might not lead to a significant drop in prices as there is a lack in refinery capacities, too.
