Every week, our commodity overview reviews the latest news from the commodity markets to better understand fluctuations in the prices of energy, metals, and agricultural commodities.
Energy: The results are clear: -5.27% for WTI, -4.39% for Brent, oil prices plummeted last week. Oil remains under pressure due to growing investor concerns about new tariffs imposed by the United States on various trading partners. These measures, which came into force last Thursday, revive fears of a global economic slowdown, which could reduce demand for crude oil. In addition, OPEC+’s recent decision has increased pressure on prices. The group has decided to bring forward the lifting of its production cuts, a measure intended to inject over 2.2 million barrels per day into the market by September. On the geopolitical front, a meeting between Presidents Trump and Putin is scheduled for August 15. This could influence US sanctions against Russia and oil purchases by countries such as India and China. The new US tariffs also target these two major buyers of Russian oil, threatening their future imports and adding uncertainty to the market. Despite this uncertainty, strong summer demand continues to offset selling pressure. US oil inventories fell by 3 million barrels last week, reflecting higher consumption. Finally, the possible reduction in Russian oil purchases by India under US pressure could intensify demand for other sources, particularly from the Middle East.
Metals: Copper prices rebounded in London on the back of two major factors: expectations of interest rate cuts in the US and supply problems in Chile. Investors also turned their attention to trade tensions between the US and China, with signs of easing likely to boost future demand for metals. On the LME, copper is trading at around $9,762 (spot price). Gold remains upbeat, fully benefiting from expectations of Fed rate cuts, as well as being seen as a defensive investment in a slowing economy. However, the market is watching the Trump-Putin meeting closely. An easing of geopolitical tensions could weigh on precious metal prices. An ounce of gold now costs $3,360.
Agricultural products: Wheat, corn, and soybeans have begun a technical rebound in Chicago after hitting historic lows. Low prices are stimulating global demand, which is translating into higher US exports. Wheat has rebounded to 520 cents (September 2025 contract), while corn is trading higher at 406 cents (December 2025 contract).
Read More: Commodities: Low prices stimulate demand for grains
