FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Oil prices are continuing to rise, as they have been in recent days. At its peak, Brent climbed this morning to $54 per barrel, its highest price since the end of August. Brent looks set to achieve its largest weekly gain since March 2009.
Increased risk appetite coupled with a weaker US dollar is giving tailwind to the oil prices. In addition, some market observers have made optimistic remarks about the future development of the market.
Russia's military intervention in support of Assad has finally turned the war in Syria into a proxy war between the world powers, which significantly increases the geopolitical risks. The technical picture also encourages buying. Against this backdrop, speculative financial investors are likely to jump on the bandwagon and boost the price rise, says Commerzbank.
