# Oil Rallies as China’s Success Against Virus Eases Demand Fears - Bloomberg

> 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.

- Date: 2021-08-23 · published 2021-08-23T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/12113-oil-rallies-as-china-s-success-against-virus-eases-demand-fears-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower virus case counts in China, a major crude importer, improve the outlook for oil demand and support prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-24 | [Commodity prices rally as concerns over Chinese demand ease](https://feedsoft.ai/events/12115-commodity-prices-rally-as-concerns-over-chinese-demand-ease.md) | +5.5% | +7.4% |
| WTI | 2021-08-24 | [Oil settles up 3%, boosted by Mexican oil rig outage, U.S. vaccine approval \| Reuters](https://feedsoft.ai/events/12112-oil-settles-up-3-boosted-by-mexican-oil-rig-outage-u-s-vaccine-approval-reuters.md) | +5.5% | +7.4% |
| BRENT | 2021-08-24 | [Commodity prices rally as concerns over Chinese demand ease](https://feedsoft.ai/events/12115-commodity-prices-rally-as-concerns-over-chinese-demand-ease.md) | +5.7% | +7.0% |
| BRENT | 2021-08-24 | [Oil settles up 3%, boosted by Mexican oil rig outage, U.S. vaccine approval \| Reuters](https://feedsoft.ai/events/12112-oil-settles-up-3-boosted-by-mexican-oil-rig-outage-u-s-vaccine-approval-reuters.md) | +5.7% | +7.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-08-23/oil-steadies-after-surging-above-65-with-broader-market-rally
- worldoil.com: https://www.worldoil.com/news/2021/8/24/oil-prices-rally-as-china-s-virus-success-eases-demand-fears

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