# US crude closes at highest level since 2015 as growing global demand supports market

> US crude settled at $55.64, its highest since 2015, as rising global demand and higher Middle East Asian prices supported the market. Traders expected OPEC and partners to extend their output cut deal. Brent rose about 2.8 percent on the week.

- Date: 2017-11-03 · published 2017-11-03T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68147-us-crude-closes-at-highest-level-since-2015-as-growing-global-demand-supports
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Stronger crude prices raise energy costs for feed mills and transport and support biofuel-linked demand for vegetable oils and corn-based ethanol.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.5% | +5.9% |
| BRENT | 2017-09-27 | [Surging Diesel Demand Is Underpinning Crude Oil’s Bull Market - Bloomberg](https://feedsoft.ai/events/69113-surging-diesel-demand-is-underpinning-crude-oil-s-bull-market-bloomberg.md) | -5.1% | -1.7% |
| BRENT | 2020-11-24 | [Oil jumps 4%, hits highest level since March on vaccine optimism](https://feedsoft.ai/events/50315-oil-jumps-4-hits-highest-level-since-march-on-vaccine-optimism.md) | +3.7% | +11.5% |
| BRENT | 2020-08-12 | [Daily Global Market Summary - 12 August 2020 \| S&P Global](https://feedsoft.ai/events/10686-daily-global-market-summary-12-august-2020-s-and-p-global.md) | +3.0% | -11.2% |
| BRENT | 2018-10-05 | [Dry bulk FFA market: Capesizes find support in higher bunker prices](https://feedsoft.ai/events/62728-dry-bulk-ffa-market-capesizes-find-support-in-higher-bunker-prices.md) | -5.3% | -14.0% |
| WTI | 2024-01-18 | [Oil prices rise on global demand forecasts, US crude stock draw](https://feedsoft.ai/events/32278-oil-prices-rise-on-global-demand-forecasts-us-crude-stock-draw.md) | +3.6% | +5.8% |
| WTI | 2026-09-15 | [Dollar inches higher as 10-year Treasury yield climbs to highest since 2007 \| MarketScreener UK](https://feedsoft.ai/events/17645-dollar-inches-higher-as-10-year-treasury-yield-climbs-to-highest-since-2007.md) | -5.4% | -7.4% |
| WTI | 2018-04-27 | [Rising crude prices supportive to corn market - Brownfield Ag News](https://feedsoft.ai/events/65539-rising-crude-prices-supportive-to-corn-market-brownfield-ag-news.md) | +0.4% | +3.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/11/02/oil-near-two-year-highs-as-tightening-market-woos-buyers.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.