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US crude rose nearly 2% to top $83 a barrel after a weak S&P Global flash PMI showed US manufacturing contracting at a four-month low. Traders raised bets that the Federal Reserve would cut rates this year, which would support crude demand.
Expectations of lower interest rates weaken the dollar and boost demand outlook, supporting energy prices. The effect on feed markets runs mainly through higher diesel and fuel costs.
cnbc.comSpencer KimballApr 23, 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.
