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Oil rose on Friday and was on track for monthly gains after EIA data showed US crude output fell a record 2 million bpd in May to 10 million bpd. US GDP fell at a 32.9% annualized rate in the second quarter, and the dollar was heading for its biggest monthly drop in a decade.
Record US output cuts and a weaker dollar support crude prices, which lifts energy and fuel costs for feed producers while a softer dollar can help dollar-priced commodity demand.
brecorder.comReutersJul 31, 2020After 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.
