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Oil settled higher on June 3 despite OPEC+'s decision to raise output by 648,000 bpd per month. Brent rose $2.11 to $119.72 and WTI gained $2 to $118.87, with U.S. crude inventories falling 5.1 million barrels.
Expectations that the OPEC+ increase will not add much physical supply, combined with falling inventories and expected Chinese demand recovery, support crude prices. Higher energy costs feed through to feed logistics.
reuters.comLaura SanicolaJun 3, 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.
