Commodities have best week ever as Russia, Ukraine sparks buying

U.S. crude jumped $24.09 per barrel to $115.68. The largest one-week gain on record

Commodities have best week ever as Russia, Ukraine sparks buying QiNexFr

The S&P Goldman Sachs Commodity index jumped 19.9%, its best weekly gain on record, per the Dow Jones Market Data Group, as Russia invaded Ukraine spiking uncertainty over the future of oil, wheat, corn, and other commodities.

"The U.S. has put in strong sanctions, Europe has put in strong sanctions, and it affects world oil trade and also food. The food trade, which is so important both Russia and Ukraine were big providers of food" said David Malpass, President of the World Bank, during an interview with FOX Business' Neil Cavuto.

"And now as banks stop working with Russia, then it changes the trade lines going on. China may be able to make up for some of that by day, buy some of the oil, some of the wheat from Russia. But in for the total world, it's a huge supply shock that's going on" he warned.

This in turn sent investors into the safe haven of gold and out of U.S. stocks.

The S&P 500 and Dow Jones Industrials wrapped the fourth week of declines, while the Nasdaq Composite closed lower for three of the past four.

.https://www.foxbusiness.com/markets/oil-gold-gas-prices-russia-ukraine-putin-wheat

Commodities have best week ever as Russia, Ukraine sparks buying

U.S. crude jumped $24.09 per barrel to $115.68. The largest one-week gain on record

Commodities have best week ever as Russia, Ukraine sparks buying

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