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Oil prices rose 2% on Friday, posting their biggest weekly gain in over a year ahead of Hurricane Ida. Brent settled at $72.70 a barrel, up 2.3%, and WTI settled at $68.74, up 2.0%.
Higher crude prices raise diesel and freight costs and tend to support vegetable oil and biofuel demand. The gain reflected supply concerns before the storm, so it has limited bearing on feed fundamentals.
reuters.comScott DisavinoAug 27, 2021Not 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.
