Energy: The oil market remains on a downward trend due to the prospect of a surplus in 2026. OPEC+ announced an increase of 137,000 barrels per day for December, but suspended any increase for the first quarter of 2026. Saudi Arabia's lower sales prices to Asian markets also point to a well-supplied market. Other factors are contributing to the pressure on prices, including the effects of the shutdown in the United States, which is affecting economic activity and reducing demand for certain petroleum products such as jet fuel. Finally, sanctions against Russia continue to create divergence in the market. It is difficult to estimate how these measures could disrupt Russia's oil supplies to its main customers, notably China and India. In terms of prices, Brent is trading at around $63.60, compared with $60 for WTI.
Metals: Copper fell in London to $10,716 (3-month maturity). Despite very strong price momentum this year, clouds are gathering on the demand side following the publication of a disappointing Chinese manufacturing PMI index. The market is therefore taking a break, awaiting the next Chinese economic indicators and any decisions by the US Federal Reserve on interest rates. Gold is regaining ground, rising to $4,085. The US job market weakened in October, fueling the likelihood of a rate cut, estimated at 63% for December. This increases the appeal of gold.
Agricultural commodities: Wheat, corn, and soybeans fell in Chicago. Initial hopes raised by China's temporary suspension of certain tariffs were tempered by limited purchases from Beijing. Wheat lost ground to 531 cents per bushel (December 2025 maturity), as did corn at 428 cents.
