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The Dow and S&P 500 ended multi-week winning streaks as hot US data pushed back expected Fed rate cuts. Crude oil fell 3.3% during the week to about $76.90 a barrel, pressured by strong US data and expectations of higher rates.
Lower crude prices reduce energy input costs and biofuel margins, which can weigh on vegetable oil and corn-based fuel demand. The move is a routine weekly summary rather than a new supply shock.
ig.comTony SycamoreMay 24, 2024Not 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.
