Energy prices spent the last day of the previous week in a confident uptrend, given largely optimistic US stockpiles' reports and on the back of analysts' views the turbulence in global markets has practically come to an end.
Mario Draghi, the European Central Bank's president, made an announcement that the regulator is unlikely to cut interest rates further in the nearest future, albeit not completely ruling out such a possibility.
Oil prices have erased all Tuesday losses and rallied by almost 5% for the American-made Crude and by 3.58% for the European-traded Brent.
Traders have used the opportunity to reconsider their bullish stance on oil prices in the wake of the recent agreement between Russia and OPEC countries on the matter of production freeze at January levels. Oil took a leg down and posted a daily decrease of 2.9-3.7% depending on the origin.
While on Friday there was one commodity (gold), which registered a loss in prices, on Monday every single component from our daily review managed to fix a green candle.
All commodities except gold posted a considerable increase in prices on March 4. The bullion was seen under bearish pressure amid a return of risky sentiment.
Futures of natural gas are heading for multi-decade lows amid heavy global oversupply. Yesterday this component continued to show a drop in prices of 2.32%, while being joined by Crude oil on the side of losers.
The only commodity to depreciate on Wednesday was natural gas, which slid by almost 4% in the wake of waning demand from Japan, the world's third largest economy.
The pan-market S&P GSCI index (+0.36%) had some growth challenges yesterday, as some particular components were moving lower amid higher risk appetite across the board.
Oil prices moved notably higher on Monday and finished the first trading session of this week with a climb of about 3%.
Without any fundamental and other major drivers, oil prices failed to prolong the streak of gains on Friday.
Gold builds on yesterday's gains on Friday despite a rebound in equities, supported by continuous money flows into exchange traded funds and safe-haven appeal.
Gold rose on Thursday as volatility in equity markets sparked safe-haven demand.
Gold extends yesterday's 1.5% rally amid demand for a haven, as investors purchased the precious metal through funds at the quickest pace in almost six years.
Although yesterday gold was the most bearish commodity, today it climbed, as Asian equities and the US Dollar declined, with the precious metal also supported by significant inflows into bullion funds.
Gold continued to decline on Monday as the US Dollar and equities rose. However, the precious metal remained supported by investors' interest amid caution in financial markets.
Gold booked another spike on Thursday, after worldwide equity markets retreated due to falling oil prices. Initially, the day was positive for both risky commodities and stocks.
Commodities spent Wednesday fully in the green territory, as all of them posted successful gains amid weaker American currency and other factors.
Energy components had been gaining ground before the meeting of Russian and Saudi Arabian officials. They were expected to make decisions about oil output in their countries, which should have had a favourable impact on prices.
Precious metals were casualties of a strong rebound in stock markets across Asia and Europe on February 15, while US trading was closed for the President's Day.
Oil prices registered an incredible climb of more than 10% on Friday, as Brent surged by 11% and Crude was up by 12.32% on just a one-day basis.
In percentage terms oil prices have not showed their sharpest ever decline on Thursday. At the same time, a 4.5% drop for Crude was enough to send the spot towards $26 per barrel or the lowest level since early 2003.
Brent oil was the best performer on February 10 and it completely diverged with its US peer Crude. The former surged by 1.72% and the latter was down by 1.75%, the second worst result across the board.
Gold was completely flat on Tuesday, even though other commodities were severely hit by renewed worries about global economy, Fed rate increases and even worldwide recession.