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WTI crude fell 3.2 percent to settle at $59.20, its first close below $59 in 2018 and on pace for the worst week in two years. Brent fell to $63.15, while Baker Hughes reported the US rig count rose by 26 to 791, the highest since April 2015.
Rising US rig counts and record output point to growing supply, pressuring crude and energy-linked commodities. Lower oil prices reduce biofuel margins, which weighs on soybean oil and corn demand from ethanol.
cnbc.comTom DiChristopherFeb 9, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
