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Oil prices jumped nearly 4% on expectations OPEC+ could tighten supply, after a period of declines driven by possible resumption of Iranian crude and recession fears. Weekly builds at a U.S. crude hub and refinery maintenance had pushed prices lower in recent weeks.
Higher crude prices raise energy and fertilizer input costs and can lift biofuel economics, supporting vegetable oil and grain prices.
reuters.comLaila KearneyAug 23, 2022After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
