Last week, oil prices recorded a new sequence of declines, bringing prices below USD 100 per barrel for both European and US benchmarks. The countries affiliated to the International Energy Agency (EIA) will release 60 million barrels from their stocks, which seem to be bearing fruit. Remember that the United States has pledged to draw from its reserves the equivalent of one million barrels per day for six months, a total of 180 million barrels, an effort to curb rising energy prices and offset the decline in Russian oil supplies. At the same time, traders are keeping a close eye on the progress of lockdowns in China, synonymous with squeezed oil demand.

Industrial metal prices have lost some ground last week, despite inventories struggling to recover, supply still depressed by high energy prices in Europe and further disruptions in China. Zinc, which recently hit a 15-year high, is trading at USD 4,280. Copper and aluminum are trading at $10,085 and $3,395 respectively. In precious metals, the price of the barbarian relic is trying to break out of its torpor as the ounce of gold is currently trading near USD 1960.

With regards to agricultural commodities, the European Commission expects a 1.5% increase in wheat production in the European Union. While this increase seems modest, exports are expected to jump by more than 20% year-on-year. This is the result of high prices, but especially the decline in Russian and Ukrainian supply on world markets. In Chicago, wheat is trading around 1060 cents per bushel.