# Commodity prices rally as concerns over Chinese demand ease

> Commodity prices rallied on Tuesday as concerns over COVID-19 in China eased. Iron ore rose 8% and oil traded back above $70 a barrel after a sharp sell-off the previous week linked to the Delta variant.

- Date: 2021-08-24 · published 2021-08-24T12:00:00.000Z
- Category: disease · region China · magnitude medium
- Page: https://feedsoft.ai/events/12115-commodity-prices-rally-as-concerns-over-chinese-demand-ease
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Easing worries about Chinese demand lift oil prices, although the report's main focus is iron ore, which is not a feed commodity.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-23 | [Oil Rallies as China’s Success Against Virus Eases Demand Fears - Bloomberg](https://feedsoft.ai/events/12113-oil-rallies-as-china-s-success-against-virus-eases-demand-fears-bloomberg.md) | +10.5% | +13.0% |
| 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 | 2021-08-23 | [Oil Rallies as China’s Success Against Virus Eases Demand Fears - Bloomberg](https://feedsoft.ai/events/12113-oil-rallies-as-china-s-success-against-virus-eases-demand-fears-bloomberg.md) | +10.9% | +14.8% |
| 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

- ft.com: https://www.ft.com/content/e1eb56cd-43ff-45ee-900c-9bc6f421c8be?syn-25a6b1a6=1

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