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U.S. crude futures rose about 3% on June 2 after OPEC+ increased output at a steady pace. WTI closed at $62.52 a barrel and the U.S. rig count fell to its lowest since 2021.
The market was relieved that the group did not boost output faster.
Easing fears of a faster OPEC+ unwind supported crude prices, which feeds into diesel and freight costs for feed buyers. The falling rig count also suggests tighter future US supply.
cnbc.comSpencer KimballJun 2, 2025Not 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.
