Crude oil price climbs to 2-month high at $118/bbl

The crude oil price is trading at a 2-month high, holding to almost USD 118 per barrel with a 5 percent gain this week.

Metals have come under pressure as China has cut rates and has taken 33 measures to support the economy, but it does not seem to have worked because the markets are expecting an extraordinary stimulus to get the country out of the COVID-19 restrictions and because of the Russia-Ukraine war.

The metals also are reacting to the US home sales in the month of April, which are at a 2-year low, while the home prices have gained up by 20 percent year on year and that's at a record.