Loading…
Crude oil futures fell 5.6% on Wednesday to close at $85.81 a barrel, their lowest close in the period described. The decline was attributed to signs of weak US gasoline demand rather than OPEC+ production news.
Lower crude and weaker US fuel demand reduce energy input costs and can pressure biofuel margins, which tends to weigh on soybean oil and corn-based ethanol economics for feed buyers.
reuters.comClyde RussellOct 5, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Attributes the 5.6% fall to weak US gasoline demand rather than OPEC+ news.
Attributes the 5.6% fall to weak US gasoline demand rather than OPEC+ news, but it adds little beyond other sources.
