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Oil markets have risen to their highest level since 2014 as the price of Brent crude oil pushed above $75/barrel this week.
Oil prices are rising thanks to a combination of lower production from Russia and Venezuela, and rising geopolitical tensions between the US and Iran.
For dairy markets, the rising price of oil is significant.
Oil-producing countries account for a third of global dairy imports and are especially important when it comes to milk powder markets.
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