Loading…
OPEC+ agreed to keep its voluntary oil output cuts in place for the second quarter of 2024 and said it would adjust production monthly. Many analysts had expected a modest easing of about 500,000 barrels per day in April.
Oil prices rose to their highest level since late 2023, with Brent trading near $83.57 and WTI near $78.63.
Sustained OPEC+ supply restraint supports crude prices, which raises diesel, fertilizer and freight costs for feed producers. Higher energy costs also support vegetable oil and biofuel demand, which can lift soyoil and palm oil values.
energynews.africaVictor AdetimilehinFeb 28, 2024After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% over 20.
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.
