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Crude futures in New York rose 1.6% to settle at their highest level since November, the highest this year. OPEC production declines, with Saudi Arabia continuing its output curbs and power blackouts in Venezuela cutting supply, drove the gain.
Oil held its gains despite an unexpected jump in U.S. crude supplies in the latest industry report.
Continued OPEC and Venezuelan supply losses are tightening the global crude balance, which supports higher crude prices. Higher crude lifts diesel and energy costs for feed producers and can pull soybean oil and other vegetable oils higher through biofuel economics.
bloomberg.comCatherine Ngai, Alex NussbaumApr 1, 2019Not 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.
