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U.S. crude futures topped $66 a barrel on March 4 and Brent neared $70 after OPEC+ unexpectedly kept output steady for April. Major banks raised price forecasts, with some calling for oil above $100 next year.
Firmer crude supports biofuel economics and vegetable oil prices, while higher energy costs add to feed production expenses.
bloomberg.comAlex Longley, Andres Guerra LuzMar 4, 2021After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
