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Oil futures softened in early trade on July 30 after a rally, with contracts on course for about 1% weekly gains on U.S. inventory draws. The dollar index fell to a one-month low after second-quarter GDP grew 6.5%, below expectations of 8.5%.
Crude draws and a weaker dollar support energy and commodity prices, which feed through to biofuel economics and feed input costs.
dtnpf.comLiubov GeorgesJul 30, 2021After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 47 past bearish report events, US Dollar (Broad) moved a median -0.2% over 5 sessions (34% higher; middle half -0.8% to +0.2%), and -0.7% 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.
