# Oil Rises On US Stockpile Drawdown, Focus On Fed Meeting - BizWatchNigeria.Ng

> Oil rose for a fifth day after US crude inventories fell 6 million barrels in the week to July 26, far more than expected. Traders also anticipated a Fed rate cut and a Libyan Sharara field outage.

- Date: 2019-07-31 · published 2019-07-31T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/58265-oil-rises-on-us-stockpile-drawdown-focus-on-fed-meeting-bizwatchnigeria-ng
- 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

Inventory draws and Libyan outages support crude, while a weaker dollar from Fed easing can further lift dollar-priced commodities.

## 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 | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +13.7% | +0.1% |
| WTI | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +2.3% | -12.2% |
| WTI | 2022-09-28 | [Oil prices rise on surprise drop in U.S. crude, fuel stocks](https://feedsoft.ai/events/39763-oil-prices-rise-on-surprise-drop-in-u-s-crude-fuel-stocks.md) | +10.1% | +9.3% |
| WTI | 2024-06-20 | [Oil prices rise on US crude draw; jobs data feeds rate cut hopes](https://feedsoft.ai/events/29926-oil-prices-rise-on-us-crude-draw-jobs-data-feeds-rate-cut-hopes.md) | -0.7% | +1.7% |
| 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 | 2026-09-09 | [US EIA hikes oil price forecasts as Iran war drains global stockpile By Reuters](https://feedsoft.ai/events/17665-us-eia-hikes-oil-price-forecasts-as-iran-war-drains-global-stockpile-by-reuters.md) | +17.0% | +10.2% |
| BRENT | 2020-08-11 | [EIA revises up 2020 oil price forecasts on larger forecast stock draws \| Oil & Gas Journal](https://feedsoft.ai/events/51809-eia-revises-up-2020-oil-price-forecasts-on-larger-forecast-stock-draws-oil-and.md) | +1.2% | -6.6% |

## Sources

- bizwatchnigeria.ng: https://bizwatchnigeria.ng/oil-rises-on-us-stockpile-drawdown-focus-on-fed-meeting/

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