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Oil prices edged up about 1% on Wednesday after a bigger-than-expected U.S. crude storage withdrawal and a slump in U.S. crude output. Chinese economic stimulus, geopolitical tensions and a weaker dollar also supported prices, with Brent settling at $80.04 and WTI at $75.09.
Crude prices feed into energy costs and biofuel economics, which indirectly affect vegetable oil and feed ingredient pricing. The move is a routine daily wrap, so the price impact on feed markets is modest.
reuters.comScott DisavinoJan 24, 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.
