Commodities prices hit their highest levels in six months this week as crude oil hit $58 a barrel and a broad rally took hold among base metals, freight, precious metals, agricultural and soft raw materials prices.

The S&P GSCI commodity index, a popular basket of raw materials used by big institutional investors to gain exposure to commodities prices, surged above 400 points for the first time since mid-November, rising 7.5 per cent on the week.