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While metal and agricultural commodities have recouped their losses from the COVID-19 pandemic, energy prices are expected to stabilize.

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Commodity Price Recovery from the Pandemic Has Been Uneven

Almost all commodity prices recovered in the third quarter following steep declines earlier in the year due to the COVID-19 pandemic. Crude oil prices have doubled since their April low, supported by sharp oil supply cuts, but prices remain one-third lower than pre-pandemic.  Metal prices recovered rapidly in response to a faster-than-expected pick up of China’s industrial activity. Some food prices have also risen. Looking ahead, oil prices are expected to increase gradually from current levels and average $44 per barrel in 2021, up from an estimated $41 per barrel this year, as a slow recovery in demand is matched by an easing in supply restraint. Metal and agricultural prices are projected to see modest gains in 2021. The main risk to price forecasts is the duration of the pandemic, including the risk of an intensifying second wave in the Northern Hemisphere. Explore Data


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