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Commodities came under pressure as the dollar strengthened ahead of the FOMC meeting, where a 75bp hike was expected. ICE Brent settled almost 1% lower, though it still gained 7.8% in October.
U.S. crude output reached its highest level since March 2020.
A stronger dollar makes crude and other dollar-priced commodities more expensive for foreign buyers, which tends to weigh on prices. Rising U.S. output adds to supply pressure on crude, which affects energy costs for feed production and transport.
think.ing.comWarren Patterson, Ewa MantheyNov 1, 2022Not 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.
