Oil prices were higher today 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. Chicago Board of Trade corn futures rose 5.2% on Wednesday after a government report showed much of the U.S. crop being stressed by dry conditions as it neared key development phases, traders said. CBOT November soybeans hit their highest since March 9. “Countries are struggling to rein in inflation … and that’s going to dampen growth and threaten recessions across the globe,” said Craig Erlam, senior markets analyst at OANDA. Official U.S. oil inventory data from the Energy Information Administration will be released on Thursday, after being delayed a day by the Juneteenth public holiday on Monday. WTI traded up $1.34 or 1.9% to close at $72.53. Brent traded up $1.22 or 1.6% to close at $77.12.