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Oil settled more than 1% higher on 22 August, with Brent up $1.17 to $77.22 and WTI up $1.08 to $73.01, ending four days of declines. The rebound followed minutes from the July Fed meeting showing most officials expected a rate cut next month.
A tanker carrying crude was attacked in the Red Sea.
Expectations of Fed easing and a Red Sea attack on a crude tanker both support crude prices, which feed into energy and freight costs for feed.
reuters.comNicole JaoAug 22, 2024After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
