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Oil benchmarks gained nearly 5% for the week, marking a fifth straight weekly gain. Gains were attributed to OPEC+ supply cuts announced earlier in the month, and the benchmarks were on track to gain over 13% for the month.
Tighter crude supply lifts diesel and energy input costs, which feeds through to freight, fertilizer and processing costs for feed ingredients and can pull vegetable oil and biofuel-linked prices higher.
reuters.comStephanie KellyAug 1, 2023After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
