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Crude oil prices have surged about 70% in New York since early May after falling below zero on April 20. OPEC+ made record output cuts and the first steps out of lockdown lifted demand expectations.
Analysts say the worst may be past.
Sustained OPEC+ curtailments and demand recovery support higher energy costs, which can lift freight, fertilizer and biofuel-linked feedstock prices.
moneyweb.co.zaJames Herron, Grant Smith, Debjit Chakraborty, Sheela Tobben, BloombergMay 20, 2020After 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 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
