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Oil prices steadied on Friday as OPEC+ ministers resumed talks on raising output after the UAE blocked a deal the previous day. Brent settled at $76.17 a barrel and WTI at $75.16, with both benchmarks having risen sharply on Thursday before retreating.
Uncertainty over whether OPEC+ will add supply or fracture supports crude prices, which feed into diesel and freight costs for feed ingredients and can pull vegetable oil and biofuel prices with them.
theglobeandmail.comDevika Krishna KumarJun 30, 2021After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
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.
