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US crude futures rose 3.7% on Friday, their biggest gain since the September attacks on Saudi oil infrastructure, after unexpectedly strong US October hiring data. New Chinese manufacturing orders also rose at the fastest pace in over six years.
Prices still fell over the week on slowing global growth concerns, abundant US crude stocks and trade talks.
Stronger US and Chinese economic data supports energy demand expectations, lifting crude and the diesel and fertilizer costs tied to it. Weekly losses show that trade-war risk still caps the rally.
bloomberg.comJacquelyn MelinekOct 31, 2019After 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.
