# Rising oil markets should boost dairy prices -  Premium

> Oil prices rallied to a two-year high above $64 a barrel, up about 40% since early June, amid rising Middle East tensions. Market speculators are pointing to $70 a barrel by year end.

- Date: 2017-11-08 · published 2017-11-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/10557-rising-oil-markets-should-boost-dairy-prices-premium
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Higher crude oil lifts biofuel and input costs and can support vegetable oil and dairy prices, with oil-economy demand for dairy also cited as supportive.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- MILK: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2017-11-06 | 1 | +4.6% | 3.3 | Reports of oil rallying to a two-year high above $64 amid rising Middle East tensions describe the geopolitical risk premium that likely drove the surge, but the article is dated after the move so it is confirmatory rather than causal. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | -1.0% | +3.6% |
| WTI | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -8.0% | -5.2% |
| WTI | 2018-08-28 | [Oil prices rise on expectations of tightening market on supply risks, ETEnergyworld](https://feedsoft.ai/events/63701-oil-prices-rise-on-expectations-of-tightening-market-on-supply-risks.md) | +0.3% | +4.9% |
| WTI | 2026-09-30 | [Oil prices rise by about $1/bbl on stalled US-Iran talks and tight fuel markets - CNA](https://feedsoft.ai/events/17633-oil-prices-rise-by-about-1-bbl-on-stalled-us-iran-talks-and-tight-fuel-markets.md) | +0.1% | +8.9% |
| WTI | 2024-04-08 | [Benchmark diesel price heads higher; so do world oil markets - FreightWaves](https://feedsoft.ai/events/30915-benchmark-diesel-price-heads-higher-so-do-world-oil-markets-freightwaves.md) | -1.4% | -9.5% |
| BRENT | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | +0.0% | +2.2% |
| BRENT | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -11.4% | -8.6% |
| BRENT | 2018-08-28 | [Oil prices rise on expectations of tightening market on supply risks, ETEnergyworld](https://feedsoft.ai/events/63701-oil-prices-rise-on-expectations-of-tightening-market-on-supply-risks.md) | +3.1% | +7.6% |

## Sources

- farmersjournal.ie: https://www.farmersjournal.ie/rising-oil-markets-should-boost-dairy-prices-322271

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.