“…However recent studies, borrowing from the literature on financial markets (see for example, Balcilar et al, (2017a) and Marfatia et al, (2017)), have identified monetary policy surprises on monetary policy committee (MPC) meeting dates from high-frequency (intraday and daily) data, as a possible predictor for commodity markets in general, which in turn has witnessed tremendous financialization in the recent years . Using regression-based methods studies have analyzed the impact of such shocks (Hayo et al, 2012;Rosa, 2014;Basistha and Kurov, 2015;Chebbi, 2018a, b;Gospodinov and Jamali, 2018;Kurov and Stan, 2018), along with macroeconomic news surprises (Kilian and Vega, 2011;Chatrath et al, 2012, Bahloul and on oil returns and volatility.…”