On commodities, crude oil jumped to $102.3 per barrel after Biden failed to secure a firm agreement on supplies from Saudi Arabia, as the market remains clearly in backwardation. These signal an intense desire by traders to get their hands on near-term barrels. On the other hand, Libya may help soothe rising prices as it plans to restart exports and production after reaching a deal with protestors. Separately, wheat futures surged as Egypt sought the commodity from the US and other countries.