Analyst: Commodity prices mostly fell this year, index down 4.5%

Commodity prices on global markets mostly fell in the first three quarters of the year, with industrial metals, wheat, corn, gas and electricity seeing the biggest declines. Sugar, by contrast, rose sharply, as did oil in recent months. Jiří Tyleček, an analyst at XTB, told the Czech News Agency. The Bloomberg Commodity Index is down 4.5 percent since the start of the year.

„Energy prices struggled for many months. However, the situation turned around roughly halfway through the year, and they are now driving price growth. Oil is playing a major role in this,“ Tyleček said.

The Texas WTI oil benchmark is up 17 percent this year. The price of North Sea Brent (November contract) has risen by 13 percent. A triple-digit oil price could therefore be just around the corner. The tight situation is being driven by production cuts by Saudi Arabia and Russia. The market is in deficit, contributing to falling inventories. Petrol and diesel prices at filling stations have already surpassed this year's highs.