Political Unrest Fuels Scotiabank Commodity Price Index

Newswire Canada reports that Scotiabank’s Commodity Price Index advanced by 2.7 percent month over month in January, 2011.

The market news is quoted as saying:

The Oil & Gas Sub-Index posted a surprising decline in January (-0.5 per cent m/m) partly due to apportionment of Canadian crude on a key export pipeline due to repairs, with supplies building up at Superior, Wisconsin. In contrast, WTI oil prices – light, sweet crude traded on the NYMEX – were largely flat in January at US$89.58 per barrel (up from US$78.38 a year ago).

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