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Brent crude posted its best weekly gain since December 2016, rising 9.3% after a strong U.S. jobs report and dovish Federal Reserve comments on interest rates. Production declines in Saudi Arabia and Libya also supported prices, which had collapsed in 2018 on supply-glut fears.
Stronger demand expectations and supply cuts lift crude prices, which feed into diesel and freight costs for feed producers. The gain reflects a partial recovery from the 2018 slump rather than a new supply shock.
bloomberg.comAlex NussbaumJan 4, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Brent's 9.3% weekly gain on strong US jobs, dovish Fed and Saudi/Libya production declines contributed a large share of the window's rise.
