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Oil rose more than 2% on Wednesday after a report said OPEC could extend its supply cuts through the end of 2018. WTI climbed 2.2% to $68.35 a barrel and Brent gained 2.72% to $77.45.
Prices had slid the previous week after OPEC signaled it could raise output amid Venezuelan supply disruptions.
Extended OPEC cuts tighten crude supply, which lifts energy costs for feed mills and transport. Higher crude also supports biofuel economics and feedstock demand for corn and vegetable oils.
markets.businessinsider.comGina HeebMay 30, 2018After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
