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Brent topped $46.50 in early trading, its highest in over five months. Stronger China services PMI data, a weaker dollar and ADNOC's planned 30% October supply cut were cited as the drivers.
Supply cuts from a major OPEC+ producer tighten the crude market, raising fuel and freight costs for feed buyers. A weaker dollar also makes crude cheaper for Asian importers, supporting demand.
oilprice.comTom KoolAug 31, 2020After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
