# Oil bounces off four-month low, turns positive as stocks rally

> 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.

- Date: 2019-06-04 · published 2019-06-04T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/11311-oil-bounces-off-four-month-low-turns-positive-as-stocks-rally
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-11-23 | [Oil Hits March High With Transition Stoking Rally Across Markets - Bloomberg](https://feedsoft.ai/events/50314-oil-hits-march-high-with-transition-stoking-rally-across-markets-bloomberg.md) | +7.1% | +17.7% |
| BRENT | 2022-05-04 | [Stocks rally after Fed hikes rates, crude jumps](https://feedsoft.ai/events/41309-stocks-rally-after-fed-hikes-rates-crude-jumps.md) | -2.3% | +18.3% |
| BRENT | 2018-05-22 | [Strange divergence in gold and oil could spell more gains for stocks](https://feedsoft.ai/events/64946-strange-divergence-in-gold-and-oil-could-spell-more-gains-for-stocks.md) | -4.9% | -4.8% |
| BRENT | 2016-12-01 | [C$ strengthens as oil extends rally on OPEC deal](https://feedsoft.ai/events/73708-c-strengthens-as-oil-extends-rally-on-opec-deal.md) | +6.6% | +12.9% |
| BRENT | 2023-04-03 | [Palm posts biggest jump in two months after crude oil rally - Markets - Business Recorder](https://feedsoft.ai/events/36512-palm-posts-biggest-jump-in-two-months-after-crude-oil-rally-markets-business.md) | +7.4% | +1.0% |
| WTI | 2026-10-01 | [Pound falls to three-month lows as investors fret over rates, oil \| Financial News](https://feedsoft.ai/events/17320-pound-falls-to-three-month-lows-as-investors-fret-over-rates-oil-financial-news.md) | -2.3% | +12.3% |
| WTI | 2024-08-26 | [Canadian dollar strengthens to 5-month high as oil rallies](https://feedsoft.ai/events/29033-canadian-dollar-strengthens-to-5-month-high-as-oil-rallies.md) | -1.7% | -5.9% |
| WTI | 2021-03-08 | [VEGOILS-Palm oil rises nearly 4% to two-month high as crude, soyoil rally By Reuters](https://feedsoft.ai/events/6562-vegoils-palm-oil-rises-nearly-4-to-two-month-high-as-crude-soyoil-rally-by.md) | -0.7% | -11.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2019/06/04/oil-market-opec-supply-cuts-global-economic-slowdown-in-focus.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.