# Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters

> 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.

- Date: 2023-07-24 · published 2023-07-24T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/35199-oil-prices-up-2-to-near-3-month-high-on-tight-supply-china-stimulus-hopes
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Firmer crude raises energy and freight costs for feed production and can support vegetable oil prices via biofuel demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-rally-takes-breather-ahead-fed-ecb-rate-hikes-2023-07-24/

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