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US crude settled at $57.99 and Brent fell to around $63.64 as traders awaited OPEC's decision on extending output cuts. Saudi Arabia reportedly wants a nine-month extension, while Russia is hesitant.
A fire at Exxon's Beaumont refinery also briefly pressured prices.
Uncertainty over how long OPEC cuts last weighs on crude prices, which feed into diesel and fuel costs for feed logistics and can shift biofuel economics that influence vegetable oil demand.
cnbc.comReutersNov 28, 2017After 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.
