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Oil prices fell by the most in 11 months in New York after Saudi Arabia said OPEC and its partners expect to boost supplies later this year. The move would ease output restraints that have been in place since early 2017.
Two ministers planned further meetings before the full OPEC gathering.
Signaled supply increases reduce crude prices, which lowers the cost of biofuel feedstocks and weakens the support for vegetable oil prices. Energy-linked input costs for feed production also ease.
apnews.comWire ServicesMay 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.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), 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.
