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Brent crude fell back toward $100 a barrel after OPEC+ members announced voluntary output cuts earlier in the week. Traders were watching for a US response and were pricing in hopes of US-Iran diplomacy and a partial recovery in Saudi exports.
Higher crude raises the cost of diesel and fertilizer and supports vegetable oil and biofuel demand, which can lift soyoil and palm oil prices. Diplomacy-driven dips would ease that support, so the net effect on feed inputs depends on how the supply cut holds.
reuters.comMuyu XuApr 3, 2023After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
