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U.S. oil futures rose 2.9% and Brent topped $71 a barrel as China's success in stamping out COVID-19 flare-ups boosted hopes for a demand recovery. Industry data also showed U.S. crude stocks fell the prior week.
Lower virus case counts in China, a major crude importer, improve the outlook for oil demand and support prices.
bloomberg.comSheela TobbenAug 23, 2021
worldoil.comAlex Longley, Sheela TobbenAug 24, 2021After 35 past disease events, Crude Oil (WTI) moved a median -4.7% over 5 sessions (20% higher; middle half -11.7% to -1.7%), and -5.7% over 20.
After 30 past disease events, Crude Oil (Brent) moved a median -5.2% over 5 sessions (27% higher; middle half -8.9% to -0.1%), and -6.8% 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.
On Aug 23 Brent topped $71 as China's success containing COVID lifted demand-recovery hopes, and a drop in US crude stocks added support.
Same-day report of the oil rally on China's success curbing COVID outbreaks, which boosted demand-recovery hopes, plus a draw in US crude stocks.
