Oil storage rise supports case for keeping OPEC+ cuts, sources say

After 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.

• Aug 4, 2017Oil prices rise after strong US jobs data; rising exports cap gains-1.0%
• Jan 18, 2024Oil prices rise on global demand forecasts, US crude stock draw+3.6%
• Jan 4, 2019Dollar cycle may be about to turn, supporting oil prices: Kemp+11.7%
• Oct 15, 2021Oil prices rise to three-year high on back of supply deficit forecasts+1.5%
• Sep 20, 2023Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg-0.1%

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.

• Jan 18, 2024Oil prices rise on global demand forecasts, US crude stock draw+3.5%
• Jan 4, 2019Dollar cycle may be about to turn, supporting oil prices: Kemp+11.9%
• Sep 28, 2026Rand weakens as oil prices rise and rate-hike fears support dollar+6.5%
• Oct 15, 2021Oil prices rise to three-year high on back of supply deficit forecasts+0.8%
• Feb 28, 2022Ringgit opens firmer against US dollar, supported by oil prices | Malay Mail+23.1%