Sharp decline in commodities

Bloomberg Commodity Spot Index hits new lows on supply-driven price declines in oil and natural gas. Supply-driven price declines in oil and natural gas led to new lows in Bloomberg's benchmark commodity index. The Bloomberg Commodity Spot Index fell 2 percent on Wednesday, reaching the lowest level last seen in August 2021. The index's loss this year is 12 percent. Oil prices are primarily responsible for the decline. US crude oil fell below $70 amid concerns about a global oversupply. Brent oil also fell below $75 on Wednesday, hitting its lowest level since June. The price declines come despite OPEC+ countries' decision to continue supply cuts. Russian President Vladimir Putin also made one of his rare overseas visits to Saudi Arabia following the OPEC+ agreement, meeting with Prince Mohammed bin Salman, the leader of the country that made the biggest oil supply cut. OPEC+ cooperation was also discussed during the meeting.