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Oil rebounded from a four-month low on Tuesday as global stocks rallied after Fed Chair Jerome Powell's comments raised expectations of rate cuts. Saudi Arabia said producers were moving toward extending output limits through the second half of the year, while Rosneft said Russia should pump at will.
Equity-driven gains and emerging OPEC consensus support crude, but Russian opposition to extending cuts limits upside. Energy direction feeds into biofuel margins and feed-input costs.
cnbc.comReutersJun 4, 2019After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% 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.
