The energy complex led August’s price decline. OPEC+ said that it would raise output hikes for the sixth straight month in September, denting crude prices. Moreover, U.S. natural gas prices fell on rising output and expectations of cooler weather in the late summer. Agricultural commodities also added to August’s overall fall in prices. In particular, grain prices fell as the supply outlook for corn, soybeans and wheat improved. Meanwhile, prices for base metals ticked down. Softer-than-expected U.S. tariffs supported copper, while weak demand curbed U.S. steel prices and robust supply tamed nickel and lead prices. Precious metals were the only group to post price gains. Expectations of imminent U.S. Fed interest rate cuts and Trump’s clashes with the Fed boosted demand for gold and silver.
Commodities prices decreased 2.7% month on month in August, following July’s 0.5% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2023 to 2025.