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WTI crude futures rose toward $70 after the FOMC signaled three rate cuts in 2024, and the dollar fell to a two-week low. Money markets increased their bets on a more aggressive easing cycle.
A weaker dollar and expected lower rates reduce economic slowdown risk, supporting crude oil prices. Higher energy costs can feed through to diesel and freight, but the effect on feed prices is indirect.
dtnpf.comLiubov GeorgesDec 13, 2023After 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 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
