# Brent Oil Futures Hit $90 a Barrel for First Time Since October - Bloomberg

> Brent crude climbed above $90 a barrel for the first time since October, extending a rally driven by OPEC+ output cuts and strong demand. Geopolitical risks also contributed, and futures had jumped during the week.

- Date: 2024-04-04 · published 2024-04-04T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30897-brent-oil-futures-hit-90-a-barrel-for-first-time-since-october-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Sustained crude near $90 raises diesel and fertilizer costs and supports biofuel demand for soybean oil and palm oil, a bullish signal for feed-adjacent fats.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-10-02 | [Rupiah Weakens Past 15,000 per Dollar for First Time Since 1998 - Bloomberg](https://feedsoft.ai/events/62835-rupiah-weakens-past-15-000-per-dollar-for-first-time-since-1998-bloomberg.md) | -1.1% | -8.8% |
| BRENT | 2026-09-09 | [ARS/USD: Argentine Peso Stable Against Dollar Thanks to High Oil Prices - Bloomberg](https://feedsoft.ai/events/17753-ars-usd-argentine-peso-stable-against-dollar-thanks-to-high-oil-prices-bloomberg.md) | +10.8% | +4.6% |
| BRENT | 2023-09-01 | [US crude futures climb over $2 per barrel, notch third monthly hike](https://feedsoft.ai/events/34754-us-crude-futures-climb-over-2-per-barrel-notch-third-monthly-hike.md) | +4.0% | +10.3% |
| BRENT | 2023-03-20 | [Oil prices rebound after hitting lowest since 2021 on banking fears](https://feedsoft.ai/events/37055-oil-prices-rebound-after-hitting-lowest-since-2021-on-banking-fears.md) | +3.2% | +18.3% |
| BRENT | 2020-11-23 | [Oil Hits March High With Transition Stoking Rally Across Markets - Bloomberg](https://feedsoft.ai/events/50314-oil-hits-march-high-with-transition-stoking-rally-across-markets-bloomberg.md) | +7.1% | +17.7% |
| WTI | 2018-09-01 | [Indian rupee at fresh record low, breaches 71 for the first time](https://feedsoft.ai/events/63801-indian-rupee-at-fresh-record-low-breaches-71-for-the-first-time.md) | -3.3% | +7.9% |
| WTI | 2023-09-01 | [US crude futures climb over $2 per barrel, notch third monthly hike](https://feedsoft.ai/events/34754-us-crude-futures-climb-over-2-per-barrel-notch-third-monthly-hike.md) | +4.7% | +8.6% |
| WTI | 2023-03-20 | [Oil prices rebound after hitting lowest since 2021 on banking fears](https://feedsoft.ai/events/37055-oil-prices-rebound-after-hitting-lowest-since-2021-on-banking-fears.md) | +3.9% | +21.4% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-04-04/brent-oil-futures-hit-90-a-barrel-for-first-time-since-october

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.