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Brent crude touched $75 a barrel last week for the first time this year, extending a fifth weekly gain and adding to a near 40% year-to-date rise. WTI moved above $65 even as rising US stockpiles and production slowed momentum.
Traders are watching whether Saudi Arabia and other major producers will raise output after the US ended Iranian sanction waivers.
Crude is a major input to diesel and fertilizer costs for feed producers, and a sustained rally lifts freight and energy-linked expenses. Any OPEC response to offset lost Iranian barrels would cap prices.
cnbc.comDan MurphyApr 30, 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.
