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Oil closed at its highest in more than two years for a second day, with New York futures rising 2 percent above $55 a barrel for the first time since July 2015. Support grew for OPEC to extend its output cuts, which was expected to be decided as early as that month.
Nigerian militant attacks and Venezuela's debt problems also threatened supply, and U.S. oil rigs fell by the most in over a year.
Expectations of extended OPEC cuts and tighter supply lift crude prices, which feed into biofuel economics and corn and soybean oil values. Higher energy costs also raise freight and fertilizer costs for feed buyers.
bloomberg.comJessica SummersNov 3, 2017After 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.
