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Brent crude briefly touched $50 per barrel before falling back. An EIA report showed a larger-than-expected 4.2 million barrel drawdown in US crude stocks, and US oil output kept declining, while supply outages in Canada and Nigeria tightened the market.
Higher crude prices raise diesel and transport costs for feed mills and can support biofuel-linked demand for vegetable oils. Analysts note that shale drilling could return if prices hold, which may limit further gains.
oilprice.comEvan KellyMay 27, 2016After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
