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Brent settled at $82.74 and WTI at $78.74 after rising about 2% on tight supply expectations tied to OPEC cuts and hopes for Chinese stimulus. The move brought prices near a three-month high.
Firmer crude raises energy and freight costs for feed production and can support vegetable oil prices via biofuel demand.
reuters.comScott DisavinoJul 24, 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.
