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Oil jumped as much as 6% and WTI settled up 5.6% at $65.64 per barrel, ending a seven-day losing streak. The rebound followed a pullback in the dollar and reduced fears of demand slowdown after China reported zero new local COVID cases.
A weaker dollar and improved demand expectations lift crude and diesel prices, which raises energy and freight costs for feed producers. The move reflects sentiment after a sharp sell-off rather than a new supply shock.
cnbc.comPippa StevensAug 23, 2021Not enough comparable past events yet for a historical read.
Not 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.
Directly describes the Aug 23 WTI jump of ~5.6% ending a seven-day losing streak, driven by a softer dollar and eased demand fears after China reported zero local COVID cases.
Directly describes the Aug 23 oil jump of up to 6% that ended a seven-day losing streak, driven by a softer dollar and eased demand fears after China reported zero local COVID cases.
