- Prices of both crude oil benchmarks dipped more than 7.23% last week.
- Gold prices dropped 2.04% last week due to the strengthening of the US dollar and elevated Treasury Yields.
- Base metals, iron ore, and copper prices slumped last week.
Prices of most of the commodities collapsed last week on rising concerns of slowing global economic growth and fuel demand. The global commodity market remained under pressure on concerns related to interest rate hikes by major central banks across the globe.
In the energy sector, prices of both crude oil benchmarks dipped more than 7.23% last week. Benchmark Brent Crude Oil hit US$113.12/bbl while WTI crude oil futures reached US$109.56/bbl on Friday. Likewise, natural gas futures also took a U-turn and the prices tumbled as much as 22.20% on the weekly basis, the steepest in 2022.