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Oil futures ended higher on Monday after the ISM manufacturing index rose to 54.2 in July, above consensus. OPEC+ agreed to ease output cuts from August, though traders saw limited upside as COVID-19 cases kept rising.
WTI settled at $41.01 a barrel and Brent at $44.15.
Higher crude prices lift diesel and freight costs for feed producers and can support soybean oil and other energy-linked feed prices. OPEC+ supply increases cap the upside.
marketwatch.comWilliam WattsAug 3, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
