In a relatively quiet week, oil prices consolidated their recent gains as the consensus swung round to our view that the lows recorded in Q1 would prove to be the turning point. However, powerful headwinds remain both on the supply and the demand side. The biggest rise was recorded by cotton prices, supported by adverse weather in the US. Precious metals struggled in the absence of safe-haven demand, as the Greek crisis simmered away without (yet) boiling over.
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