Energy: Downward pressure continues to weigh on oil prices. As proof, Brent crude is approaching the $60 per barrel mark, while the US benchmark, WTI, has fallen below $57 per barrel. Several factors are contributing to this trend. Firstly, prices were affected by a recent phone call between Donald Trump and Vladimir Putin, during which "great progress" was mentioned regarding a potential peace agreement between Ukraine and Russia. This could result in Russian barrels returning to the market, putting downward pressure on prices, although at this stage this is still a long way off. Second, US oil stocks rose unexpectedly last week. According to the US Energy Information Administration (EIA), crude reserves increased by 3.5 million barrels, reinforcing concerns about a global supply glut. Despite this, OPEC states in its latest monthly report that global oil supply will closely follow demand until 2026, a scenario that differs greatly from that of the International Energy Agency (IEA), which continues to forecast a significant oversupply.
Metals: Who can stop the gold rally? The eternal relic continues to reach new historic highs. The price of gold reached a new peak of $4,380 per ounce. This upward trajectory is fueled by increased trade tensions between the US and China, concerns about credit risks in the US, and expectations of further interest rate cuts by the US Federal Reserve. Gold has risen by over 65% since the beginning of the year. Silver is also experiencing a sharp rise, having increased by over 80% in 2025, with a price exceeding $54 per ounce. Amongst metals, copper prices have fallen slightly, impacted by trade tensions and the US government shutdown. On the London Metal Exchange, three-month copper closed at $10,647 per ton. This decline is influenced by concerns about consumption in China. Nevertheless, forecasts of strong demand for copper, linked to investments in data centers and electrical infrastructure, are maintaining long-term interest in this metal.
Agricultural products: In Chicago, corn futures rebounded last week, marking their first weekly increase in five weeks. Investors are focusing on reports of potentially lower-than-expected US crop yields. In addition, rainy weather could delay harvests, further supporting prices. The most actively traded corn contract in Chicago (December 2025 delivery) rose to 423 cents. Wheat remained stable at around 503 cents per bushel (December 2025 contract).
