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Brent crude settled up about 1% at $83.12 a barrel and WTI rose 93 cents to $78.65 in thin holiday trade. Prices recovered after a downbeat week driven by Federal Reserve minutes suggesting officials could raise rates again if inflation stayed high.
Higher-for-longer US rate expectations strengthen the dollar and weigh on energy demand expectations, which tends to cap crude and diesel prices, a cost input for feed freight and processing.
reuters.comArathy SomasekharMay 27, 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.
