# Oil on track for monthly gains as US cuts production - Markets - Business Recorder

> 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.

- Date: 2020-07-31 · published 2020-07-31T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/52264-oil-on-track-for-monthly-gains-as-us-cuts-production-markets-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

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.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-06-30 | [Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder](https://feedsoft.ai/events/46757-oil-rises-on-lower-u-s-stockpiles-demand-recovery-markets-business-recorder.md) | -1.2% | -1.0% |
| WTI | 2019-01-18 | [OPEC cuts crude production for market re-balancing – National Daily Newspaper](https://feedsoft.ai/events/61001-opec-cuts-crude-production-for-market-re-balancing-national-daily-newspaper.md) | +2.1% | +4.8% |
| WTI | 2024-02-01 | [OPEC Cuts Oil Production as Coalition Begins New Supply Pact - Bloomberg](https://feedsoft.ai/events/31566-opec-cuts-oil-production-as-coalition-begins-new-supply-pact-bloomberg.md) | -2.6% | +3.6% |
| WTI | 2020-07-30 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/52263-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | +2.6% | +5.1% |
| WTI | 2017-09-12 | [OPEC oil production falls for the first time since March](https://feedsoft.ai/events/68865-opec-oil-production-falls-for-the-first-time-since-march.md) | +3.8% | +3.2% |
| BRENT | 2021-06-30 | [Oil rises on lower U.S. stockpiles, demand recovery - Markets - Business Recorder](https://feedsoft.ai/events/46757-oil-rises-on-lower-u-s-stockpiles-demand-recovery-markets-business-recorder.md) | +0.1% | -0.5% |
| BRENT | 2019-01-18 | [OPEC cuts crude production for market re-balancing – National Daily Newspaper](https://feedsoft.ai/events/61001-opec-cuts-crude-production-for-market-re-balancing-national-daily-newspaper.md) | +1.0% | +6.2% |
| BRENT | 2018-01-22 | [OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy](https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy.md) | +2.5% | -5.9% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40009329

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.