Loading…
Oil rose on May 1 as major producers began output cuts to offset the pandemic demand slump, and U.S. crude inventories grew less than expected. WTI for June delivery gained 3.7% to $19.54, and Brent for July rose 1.3% to $26.82.
Rystad Energy estimated the supply-demand imbalance would be halved in May and fall further in June.
Output cuts and smaller inventory builds support crude prices, which influence diesel and freight costs for feed buyers, though storage constraints still weigh on the outlook.
boereport.comReutersMay 1, 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.
