Broadly defined commodities topped last week's performance ledger for the major asset classes - by a wide margin, based on a set of exchange-traded funds. Most of the gain was linked to higher oil prices, which rose due to a perfect storm of several bullish factors last week.
The iShares S&P GSCI Commodity-Indexed Trust (GSG) jumped 3.4% for the trading week through Friday, July 12. The rally lifted the fund to its highest close since late-May.
Several factors were behind the jump in commodity prices. A tropical storm that turned into a hurricane in the