Commodities round-up: Crude oil price moves towards second weekly decline

The crude oil price is headed for a second weekly decline on the back of plans for massive release from the US and the IEA from their strategic petroleum reserves.

Also, there are demand concerns in the top importer China, a firm hawkish stance from the US Fed and the investors are monitoring sanctions against Russian energy and that is the only thing that is supportive, but apart from that, there is profit-taking not just in crude oil prices, but some of these metals as well.

But sticking to energy, coal prices are also increasing as the European Union is banning Russian imports from the month of August. Also, US natural gas continues to rise and it is trading at a 6 month high and the cold weather is one part of it. And with the European Union talking about banning more energy from Russia, these are a few sectors that have seen a rise in the Asian markets yet again.