Buying excitement remains intact across oil markets, further lifted by a potential Russian oil embargo in Europe despite opposition from a handful of EU members, such as Hungary. Meanwhile, OPEC+ has once again decided to stick to its roadmap of slightly increasing production, a choice supported by the many risks to demand. The enlarged cartel is expected to increase its supply by 432,000 barrels per day starting in June, a target that will probably not be met since OPEC+ is already struggling to meet its production quotas. In terms of prices, Brent crude is trading near USD 110 per barrel while the US benchmark, WTI, is trading around USD 109.

A bearish weekly sequence for industrial metals, whose prices are still sensitive to blockages related to the coronavirus in China. In this regard, the sharp contraction in China's manufacturing PMI in April reinforced concerns related to the demand dynamics of the world's largest metals consumer. As a result, copper is trading lower at USD 9430, as is aluminum at USD 2830. Nickel is also losing ground at USD 29930 per tonne. Despite the clear rise in risk aversion, prices of the barbarian relic are struggling to gain traction. Gold prices are still trading below USD 1900 per ounce.

Grain prices remain generally well oriented. The lack of rain in Europe could have an impact on the development of crops, especially wheat and corn. In Chicago, the price of wheat recovered to 1110 cents per bushel. On the other hand, corn lost some ground at 780 cents.