# Oil jumps as much as 6%, snapping longest losing streak since 2019

> 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.

- Date: 2021-08-23 · published 2021-08-23T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/11410-oil-jumps-as-much-as-6-snapping-longest-losing-streak-since-2019
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2021-08-23 | 1 | +4.6% | 3.2 | 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. |
| BRENT | 2021-08-23 | 1 | +5.5% | 3.0 | 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. |

## Sources

- cnbc.com: https://www.cnbc.com/2021/08/23/oil-jumps-as-much-as-6percent-snapping-longest-losing-streak-since-2019.html

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