# Oil hits highest in almost 3 years as supply tightens

> Oil rose for a third straight week to near three-year highs on Sept 24, with Brent at $78.09 and WTI at $73.98. Global output disruptions and Gulf Coast losses from Hurricane Ida have drawn heavily on inventories. China's first public sale of state crude reserves slightly dampened the rally.

- Date: 2021-09-24 · published 2021-09-24T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/45226-oil-hits-highest-in-almost-3-years-as-supply-tightens
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Tight crude supply lifts diesel and energy costs for grain transport, drying and fertilizer production. Higher energy costs support ethanol and biofuel economics, which can underpin corn and vegetable oil prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2021/09/24/oil-markets-supplies-opec-and-allies.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.