# Oil settles up, Brent tops $76 as U.S. supplies tighten more

> Oil settled higher with Brent topping $76 as U.S. crude supplies tightened. The dollar weakened after the Federal Reserve said it had not yet set a timeline for tapering bond purchases.

- Date: 2021-07-29 · published 2021-07-29T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/45972-oil-settles-up-brent-tops-76-as-u-s-supplies-tighten-more
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher crude raises biofuel and freight costs and supports vegetable oil and feed grain prices, while a softer dollar adds further support.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-slip-remain-near-75-after-large-inventory-drawdown-2021-07-29/

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