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Oil fell to a four-month low after OPEC+ agreed to extend most of its output cuts into 2025 but allowed voluntary cuts from eight members to be unwound gradually from October. Analysts said the outcome was negative for prices because the phase-out of cuts adds supply.
Demand concerns also weighed on the market.
Market expectations of a gradual return of OPEC+ barrels cap crude upside and lower energy input costs over time. Weaker crude can reduce biofuel margins and the value of vegetable oil feedstocks.
reuters.comShariq KhanJul 1, 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.
