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US crude settled at $67.88 after falling about 4% on Friday as Russian and Saudi energy ministers discussed gradually easing the production cuts that have held about 1.8 million barrels a day off the market since January 2017. The talks were framed around falling Venezuelan output and expected Iranian export disruption from renewed US sanctions.
WTI had earlier peaked at $72.83, its highest since November 2014.
Expected OPEC+ supply increases push crude lower, which weakens the energy-cost floor under biofuel feedstocks and the palm and soy oil complex. Lower diesel and fertilizer costs also ease input pressure for feed producers.
cnbc.comTom DiChristopherMay 25, 2018After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
