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U.S. crude turned positive intraday while Brent briefly did too, but Brent settled down 44 cents at $83.19, after slumping to $80.61, its lowest since January 4, 2022. Traders were reacting to rumors about possible OPEC+ production cuts.
Lower crude prices reduce diesel and energy costs for feed mills and transport, but weaker energy prices can also weigh on biofuel-linked demand for vegetable oils and soyoil. Oilseed and meal values may soften in sympathy.
reuters.comNia WilliamsNov 28, 2022Not 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.
