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The EIA said U.S. crude inventories fell by 2 million barrels in the week ending Sept. 25, against analyst expectations of a 400,000-barrel build.
WTI settled 2.37% higher at $40.22 a barrel, while Brent slipped 8 cents, as markets looked past oversupply worries.
Crude prices feed into diesel and biofuel costs, which affect feed-ingredient logistics and the margins of biofuel plants that take soybean oil and corn. The inventory draw supports energy prices in the short term, but rising Covid cases still cap demand.
cnbc.comReutersSep 30, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
