Energy: A new downward sequence for oil prices, which posted their fourth consecutive week of declines. The mood on the oil markets has quickly changed, with traders expecting the market to be less tight than expected. In this respect, the increase in weekly US inventories confirmed this trend, with stocks up by 3.6 million barrels (versus a consensus of 2.5 million). However, this price weakness could prompt OPEC, and Saudi Arabia in particular, to further limit production. More concretely, Riyadh could well extend its production quotas (by around 1 million barrels per day) next year, again with the aim of supporting crude prices. Finally, the oil cartel will meet in Vienna on November 26. In terms of prices, Brent is trading at around USD 78.30, while WTI is trading at around USD 74.

Metals: While barrel prices remain under pressure, this is not the case for industrial metals, which remain generally well oriented in London, with the exception of nickel, which continues its decline to USD 16900. Copper is up to USD 8165, as are zinc (USD 2570) and lead (USD 2270). The latest Chinese statistics have helped prices to hold up well. Industrial production rose by 4.6% year-on-year in October, slightly higher than the consensus forecast of 4.5%. On the gold front, falling bond yields are clearly making gold holders happy. For the umpteenth time, the golden metal has returned to the USD 2,000-per-ounce threshold.

Agricultural products: Grain prices did not fluctuate much last week in Chicago. Corn prices stabilized at around 490 cents a bushel, compared with 580 cents for wheat.