On Monday, investors still drew confidence from Bernanke’s speech at Jackson Hole and improved risk appetite bolstered prices of cyclical commodities. Brent crude was during the session trading above 112 USD per barrel (USD/bbl) which was the highest level since the sell-off in the beginning of this month. US benchmark crude WTI outperformed its European peer and gained more than 2 percent. Apart from appetite to risky assets, higher than expected US consumer spending for June bolstered the price of WTI. Regarding today’s calendar, markets should focus mainly on the Minutes from the latest FOMC meeting. We think that investors who bet on the third round of QE are at this stage overly optimistic and that they might be disappointed. Hence, we believe that risks for the price of Brent are skewed rather to the downside. Precious Metals Improved global sentiment undermined prices of precious metals on Monday. Gold lost more than 2.2 percent whereas the price of silver dropped by “only” 2 percent. In recent sessions, the volatility of gold has significantly increased and is almost 3 times higher than in the first half of this year.