October’s price surge was broad-based. Energy prices rose following two successive months of decline: Oil prices were lifted by fears of a broader war in the Middle East, while supply woes boosted natural gas prices in both Europe and the U.S. In addition, agricultural prices ticked up, as stronger demand and supply concerns outweighed downside pressures arising from the EU’s delayed ban on imports from deforested areas. Moreover, base metals traded above September’s average, spurred by rebounding factory activity in China and stimulus policy announcements in the country in late September. Lastly, prices for precious metals rose due to rising geopolitical tensions in the Middle East and surging safe-haven demand in anticipation of the U.S. elections.
Commodities prices increased 3.3% month on month in October, following September’s 3.6% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.