# Oil edges up 1% on big US crude withdrawal, China stimulus

> 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.

- Date: 2024-01-24 · published 2024-01-24T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/32273-oil-edges-up-1-on-big-us-crude-withdrawal-china-stimulus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-little-changed-fundamentals-weigh-geopolitical-risk-premium-2024-01-24/

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