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Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel, and WTI gained $1.86, or 2.8%, to $69.56. The rise followed a bigger-than-expected decline in US crude inventories.
Brent's premium over WTI narrowed to its lowest since June 9.
A larger-than-expected draw in US crude stocks signals tighter near-term supply, which lifts energy costs for biofuel and feed processing. Higher crude also tends to support vegetable oil and biofuel-linked prices.
reuters.comScott DisavinoJun 28, 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.
