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Oil rose about 1% on Tuesday after the IMF raised its 2024 global growth forecast to 3.1% on stronger U.S. growth and Chinese stimulus. Traders also weighed a U.S. response to a deadly drone attack on its forces in the Middle East, while Saudi Aramco paused plans to expand capacity.
Higher growth expectations support energy demand, while Middle East escalation adds supply risk premium. Crude gains lift biofuel feedstock costs and energy-linked input prices for feed producers.
cnbc.comSpencer KimballJan 30, 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.
