# Oil settles near $75, at multi-year highs

> Oil prices rose for a fifth day to near $75 a barrel after U.S. inventories fell 7.4 million barrels and refinery utilization hit its highest since January 2020. Brent reached its highest since April 2019.

- Date: 2021-06-16 · published 2021-06-16T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/46759-oil-settles-near-75-at-multi-year-highs
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Strong U.S. refinery demand and falling stocks signal robust crude and diesel demand, supporting energy costs for feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/world/middle-east/oil-bulls-take-charge-demand-outlook-improves-brent-up-fifth-day-2021-06-16/

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