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Oil futures eased as US Gulf production resumed after the storm and the US rig count rose. For the week, Brent gained about 0.8% and WTI about 1.4%, breaking a streak of declines.
Restored US output and rising rig counts add supply back to the market, which caps crude price gains.
reuters.comLaila KearneySep 13, 2024After 17 past bearish weather events, Crude Oil (WTI) moved a median +1.4% over 5 sessions (59% higher; middle half -2.7% to +5.9%), and +2.9% over 20.
After 37 past weather events, Crude Oil (Brent) moved a median +2.2% over 5 sessions (62% higher; middle half -3.5% to +5.1%), and +4.9% 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.
