Oil prices rose about 1% on Friday and were on track for weekly gains, as Hurricane Francine forced evacuations and shut in about 42% of Gulf of Mexico output. Supply disruption in Libya and a weaker dollar also supported prices.
Ongoing Gulf supply losses and a weaker dollar support crude prices, which keeps energy costs firm for feed production and transport.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% over 20.
After 24 past bullish weather events, Crude Oil (Brent) moved a median +2.8% over 5 sessions (67% higher; middle half -1.9% to +5.2%), and +6.3% over 20.
After 13 past bearish weather events, US Dollar (Broad) moved a median -0.2% over 5 sessions (38% higher; middle half -0.8% to +0.3%), and -0.3% 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.