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Oil futures settled lower on Friday as OPEC+ supply was expected to rise from October and hopes for a large US rate cut faded after strong consumer spending data. Brent settled $1.14 lower at $78.80 and WTI fell $2.36 to $73.55.
Expected OPEC+ supply increases and weaker rate-cut hopes push crude and energy-linked costs lower, which eases diesel and freight costs for feed makers while weakening the biofuel-linked vegetable oil complex.
brecorder.comReutersAug 31, 2024Not 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.
