# Oil up 1%, US WTI at 5-month closing high, market seen tight

> Crude prices edged up about 1% on Monday, with US futures closing at a five-month high. Expectations of US and Chinese economic growth and tightening supply from OPEC+ cuts and attacks on Russian refineries drove the move.

- Date: 2024-04-01 · published 2024-04-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/30902-oil-up-1-us-wti-at-5-month-closing-high-market-seen-tight
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A five-month high in WTI raises diesel and fertilizer input costs and supports biofuel feedstock prices, a bullish cost signal for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-holds-onto-gains-investors-bet-tighter-supply-2024-04-01/

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