Energy: Despite three consecutive sessions of declines last week, the oil price per barrel remains fairly stable on a weekly basis. Geopolitical tensions and fears of oversupply continue to cancel each other out, which explains why prices are holding steady. Pressure remains high on the Russian energy sector. The EU is considering a new package of sanctions targeting energy to reduce Moscow's financial resources and encourage it to negotiate a ceasefire in Ukraine. However, like the recent Ukrainian attacks on Russian energy infrastructure, these sanctions tend to support oil prices, while Donald Trump is calling for lower prices to put pressure on Moscow. In terms of prices, Brent is trading at around $67.50, compared with $63.50 for WTI.
Metals: In London, copper stabilized at $9,970 per ton (cash price). The red metal thus fell back below the $10,000 mark, penalized by a recovery in the US dollar and concerns about Chinese demand. In the precious metals market, gold continued its upward trend, knocking everything aside in its path. However, the Fed's rate cut did not generate much enthusiasm for gold prices, as it was widely anticipated. The precious metal set a new all-time high of $3,791. Gold is widening its gap with other commodities, as the chart at the end of the article clearly shows.
Agricultural products: Nothing to report from Chicago, where wheat and corn are consolidating. Wheat gained a little ground at 524 cents for the December 2025 contract, while corn remained unchanged at 425 cents (also for the December 2025 contract). Grain prices are at historically low levels due to large harvests in the United States.
