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Ewa Manthey, analyst at ING, noted that this year has been quite challenging for commodity markets. The fall in supply and problems with shipments pushed up prices and volatility. Manthey believes the following year to be characterized the same, by higher volatility and uncertainty.

On Tuesday, oil increased in price amid fears that a winter storm in the US might hurt the transportation and production of slate oil and petrochemicals.

West Texas Intermediate (WTI) fell 2.8% on Thursday, hitting $78 per barrel. U.S. black gold inventories have risen by 718,000 barrels over the past week.

Mamdouh Salameh is an expert in global energy. In an interview with RIA Novosti,

This Thursday, a notable fall in U.S. natural gas futures was registered, with prices hitting the lowest levels in 10 months.

Gold prices are usually under pressure on the eve of economic downturns, but once a recession finally comes, gold outperforms other types of assets in terms of bringing returns, including stocks.

The situation for cyclical commodities is likely to remain volatile and challenging. But Credit Suisse experts suggest the value of gold could rise at the end of 2023.

On Thursday, the European Health Committee held an urgent meeting in Brussels. The meeting asked about further EU responses to China's decision to lift restrictions on COVID-19.

The focus is on the data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver.

Kyodo Agency reported Japanese companies extended the insurance period for ships in Russian waters. Earlier, the media noted that Japan was about to refuse providing insurance services to marine vessels in waters around Russia.