# Oil posts biggest weekly gains in over a year ahead of Hurricane Ida | Reuters

> 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%.

- Date: 2021-08-27 · published 2021-08-27T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/45723-oil-posts-biggest-weekly-gains-in-over-a-year-ahead-of-hurricane-ida-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-climbs-storm-approaches-gulf-mexico-production-hub-2021-08-27/

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