Oil Rallies as Grain Markets Tighten, Dollar Falls on Fed Chair Comments
Last Updated: June 22, 2023, 05:08 ISTA cheaper greenback makes dollar-denominated oil more attractive for investors holding other currencies, raising demand. (Image: Reuters File)Brent futures rose $1.22, or 1.6%, to settle at $77.12 a barrel, while the U.SOil prices gained a dollar a barrel on Wednesday as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand.Brent futures rose $1.22, or 1.6%, to settle at $77.12 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures rose $1.34, or 1.9%, to settle at $72.53 a barrel. Both contracts hit two-week highs earlier in the session.Chicago Board of Trade corn futures rose 5.2% on Wednesday after a government report sh...