Corn prices have also climbed on expectations that this season’s yields will suffer.
Oil prices moved higher on Thursday, extending Wednesday's strong performance that followed US inventory data that showed a smaller than expected rise in crude stockpiles last week
Venezuela pumped 1.6m barrels of oil per day last month, down 20% from a year ago.
The International Energy Agency (IEA) has said that a rise in global oil production, led by the US, is likely to outpace growth in demand this year.
The world’s largest steel producer has put in an offer for the financially troubled group ahead of today’s bids deadline.
Oil prices fell to two-month lows on Friday after data this week indicated US production hit record levels, raising concerns the market will become oversupplied
Crude prices climbed on Friday, with Brent crude hitting $70 a barrel, as the market continued gains from overnight after an optimistic outlook on the oil market by Goldman Sachs