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Oil closed higher on the first trading day of 2019 as U.S. equities recovered and data showed OPEC starting its promised production cut early. Brent rose 2.1% while WTI also recovered from early losses after weak Chinese manufacturing data.
Early OPEC cut implementation supports crude prices, though weak Chinese manufacturing data limits gains. Energy price moves pass through to diesel and fertilizer costs for feed buyers.
bloomberg.comAlex Nussbaum, Grant SmithJan 1, 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.
Rebound in U.S. equities and early OPEC output cuts lifted oil on the first trading day of 2019, a sentiment and supply-driven bounce from oversold levels.
