After looking under as many rocks as I could turn over, my take is that the fantastic build up of debt in the EU(mostly much worse than our own as a percentage of GDP) over a lengthy period did a great deal to shrink credit markets in the private sector.
I am still laughing at all the cries of greed, deregulation or unregulated markets. The supposed failures of capitalism. Since the last Great Depression, world governments have had a full eighty years to regulate themselves into contentment. The damage came from very poor regulation and dead at the switch enforcement. Not to mention a simultaneous government campaign to loot the national coffers into multi-generational debt on questionable efforts at social engineering.

Much of the spike in commodities, including oil, came from a general understanding that many financial institutions where on extremely shakey foundations by dint of holding huge amounts of near worthless debt. Money shifted out of these institutions and went to hard assets as a flight to safety.

Just a guess.