# Oil climbs to highest in over two years as U.S. supplies tighten

> Brent rose above $76 a barrel, its highest since October 2018, and U.S. crude topped $74 for the first time since 2018. The move followed a government-reported drawdown of 7.6 million barrels in U.S. crude inventories as travel demand picked up.

- Date: 2021-07-01 · published 2021-07-01T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/46777-oil-climbs-to-highest-in-over-two-years-as-u-s-supplies-tighten
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude lifts diesel and freight costs for feed ingredients and supports biofuel economics, which can firm vegetable oil and corn demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +6.4% | -1.2% |
| WTI | 2018-06-27 | [U.S. oil hits 3.5-year high after inventory draw](https://feedsoft.ai/events/8784-u-s-oil-hits-3-5-year-high-after-inventory-draw.md) | +0.7% | -4.2% |
| WTI | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.6% | +6.4% |
| WTI | 2018-03-09 | [IEA cuts 2026 oil supply forecast as Mideast recovery slips to 2027](https://feedsoft.ai/events/66170-iea-cuts-2026-oil-supply-forecast-as-mideast-recovery-slips-to-2027.md) | +1.7% | +3.2% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| BRENT | 2021-07-21 | [Oil climbs over 4% despite rise in U.S. inventories \| Reuters](https://feedsoft.ai/events/6367-oil-climbs-over-4-despite-rise-in-u-s-inventories-reuters.md) | +7.2% | -0.7% |
| BRENT | 2018-06-27 | [U.S. oil hits 3.5-year high after inventory draw](https://feedsoft.ai/events/8784-u-s-oil-hits-3-5-year-high-after-inventory-draw.md) | +2.5% | -1.9% |
| BRENT | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.2% | +7.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-resumes-climb-large-us-oil-stocks-drawdown-2021-06-23/

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