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The oil market had a very volatile week as did most other commodities: the news of the EU summit agreement on debt resolution shock the financial markets and the report of the U.S. GDP growth rate may have also contributed to the sharp gains in the WTI.

By the end of the week, Brent slightly declined by 0.75% while WTI sharply inclined by 2.41%; as a result, the spread between Brent and WTI sharply decreased to $17.51/b on Friday.

For the complete analysis on oil prices weekly recap see here in Trading NRG

Gold and silver recorded a huge comeback during last week after they had slipped a week earlier. The EU debt crisis was the center of attention during last week as there were two EU summits and in the second one the EU countries reached and agreement. This agreement among EU leaders to deal with the debt crisis eased the concerns of many traders and helped push forex, commodities and stocks markets up. The news of the U.S. GDP grew by 2.5% during the third quarter of 2011 may have also helped push commodities up including gold and silver.

For the complete analysis on gold and silver prices weekly recap see here in Trading NRG

The last week of October was very turbulent in the financial markets as the EU summits came to a conclusion on Wednesday with an agreement on the EU debt crisis and the U.S GDP news also helped the prices of major commodities to soar. In the upcoming week there are many reports to be published and decisions to be made including: ECB rate decision, FOMC meeting, G20 meetings, U.S. and Canada labor reports, Euro Area annual inflation, and U.S. PMI-Manufacturing report (just to name a few):

For the complete weekly outlook see here in Trading NRG