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Commodities cushioned from Crimea crisis by ample supply

Gas and oil pipelines crossing Ukraine have operated normally since the incursion, according to officials from Gazprom and OAO Transneft, Russia's oil-pipeline operator

Bloomberg  |  London 

Unprecedented natural gas reserves in Europe, record global grain output and the threat of mutual economic calamity from oil sanctions are cushioning commodity prices even as the Ukraine-Russia conflict spurs a gold rally. While UK gas prices, a European benchmark, rose 5.1 per cent since the crisis began at the end of February, they are still the lowest for this time of year since 2010. Brent crude fell 1 percent. After wheat advanced 15 per cent and corn 4.6 per cent, both remain about a quarter below the peaks in 2010, the last time Russia and Ukraine curbed shipments. Gold reached a ...

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First Published: Mon, March 17 2014. 23:09 IST