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WTI crude closed down 3.11% on Friday after a Reuters report that OPEC+ will proceed with planned fourth-quarter production hikes of about 543,000 bpd. A stronger dollar and weak Japanese data also weighed, while Libya declared force majeure on its oil fields.
Expected OPEC+ supply growth and a firmer dollar pressure crude and energy prices, lowering costs for biofuel and freight inputs that affect feed economics.
barchart.comRich AsplundAug 30, 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.
