Commodities round-up: Crude oil rises 8%, biggest weekly gain since August

The US dollar has eased after the US inflation data that came in on Friday, December 10 and all eyes now on the US Fed meeting and the markets do anticipate that the timeline could be set out in the sense of Fed tapering, and the markets have been prepared for.

However, the individual fundamentals also seem to be working; crude oil prices have gained yet another 1.5-2 percent in Asia, this is after 8 percent of gains in the previous week, which has been the first weekly gain after six weeks of decline.

Omicron impact is expected to be limited. The markets also are taking in some geopolitical premium. There are reports suggesting that Russia could be planning an offensive on Ukraine as early as January 2022 and that really seems to be supporting prices right now.