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Commodities weekly: From glut to disruption – sanctions lift energy as metal sectors diverge
The Bloomberg Commodity Index was heading for a 1.6% gain this week, lifting its year-to-date gain to 12.3% — and the highest level in three years. A long overdue setback in precious metals was offset by broad-based gains across energy, industrial metals, softs, and grains. Diesel, crude oil, and cocoa topped the leaderboard, while silver, gold, and sugar lagged. In energy, the focus shifted sharply from a perceived supply glut in oil to disruption risk following U.S. sanctions on Russia’s two largest refiners. Meanwhile, gold’s nine-week winning streak finally ended, marking in our opinion a technical and ... (full story)