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Brent settled up 66 cents at $76.95 and WTI gained 79 cents to $72.53 after unexpected drops in US crude stocks. Saudi output cuts offset weak demand signals.
A weaker dollar, as Fed hike bets faded, also supported prices.
Supply cuts and a weaker dollar both lift crude prices in dollar terms. Firmer energy costs and a softer dollar support commodity prices broadly.
reuters.comArathy SomasekharJun 7, 2023Not enough comparable past events yet for a historical read.
Not 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.
