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Oil settled near $74 a barrel on Nov 30 after a 2.4% slide the previous session. The OPEC+ alliance announced roughly a million barrels a day of fresh output cuts for next year, while Brazil's record output continued to rise.
OPEC+ supply cuts tighten crude, which supports diesel and biofuel feedstock costs and can lift vegetable oil prices, but the market is discounting them as voluntary.
bloomberg.comMia Gindis, Devika Krishna KumarNov 30, 2023Not 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.
