Commodities continued to rise last week, gaining the most among the major asset classes for the five trading days through Dec. 2, based on a set of proxy ETFs. The latest pop marks the second straight week that broadly defined commodities led the field.

The iPath Bloomberg Commodity ETN (DJP) increased 2.3% last week. A key driver has been the recent rise in crude oil prices, triggered by last week’s Opec deal to cut output. “The rise in prices seen since last week was triggered chiefly by OPEC’s decision to cut production by 1.2 million barrels per day from 1 January 2017, which will mean that the oil market will no longer be oversupplied in the first half of 2017 — and in fact is even likely to show a deficit,” Commerzbank advised in a note to clients today.

Meanwhile, key financial markets fell last week, including the US stock market. Last week’s biggest loser among the major asset classes: US equities. The Vanguard Total Stock Market ETF (VTI) dipped 1.1% over the five trading days through Dec. 2.

The weakness in stocks and bonds generally weighed on an ETF-based version of the Global Markets Index (GMI.F). This investable, unmanaged benchmark that holds all the major asset classes in market-value weights slipped 0.4% last week.

The recent rebound in commodities has revived DJP, lifting the ETN to a solid one-year gain of nearly 8%, based on the trailing 252-trading-day return—close to the top performer for the year (US stocks) via VTI’s 9.6% total return over the past 12 months.

Meanwhile, GMI’s trailing one-year return ticked higher after last week’s trading. The benchmark is now ahead by a modest 4.5% for the trailing 252 trading days, a bit firmer than the one-year gain from the previous week.