# Oil surges as dollar continues slide against the yen | EconomyNext

> Oil prices surged on Monday, with WTI testing $50 a barrel for the first time since May and Brent heading toward $53. Analysts cited large inventory drawdowns, Saudi Arabia's supply discipline ahead of the Aramco IPO, and planned US sanctions on Venezuela, alongside a weaker dollar.

- Date: 2017-07-31 · published 2017-07-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/70214-oil-surges-as-dollar-continues-slide-against-the-yen-economynext
- 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

Higher crude prices raise diesel and freight costs for feed manufacturers and can support biofuel-linked demand for vegetable oils and grains. The weaker dollar adds further support to commodity prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Dollar surges to 8-1/2-month high against yen on OPEC deal](https://feedsoft.ai/events/74079-dollar-surges-to-8-1-2-month-high-against-yen-on-opec-deal.md) | +12.5% | +19.3% |
| WTI | 2017-12-04 | [Ringgit surges to 4.06 against dollar \| Malay Mail](https://feedsoft.ai/events/67748-ringgit-surges-to-4-06-against-dollar-malay-mail.md) | -1.9% | +3.5% |
| WTI | 2016-11-30 | [C$ edges higher against firmer greenback as oil surges](https://feedsoft.ai/events/74053-c-edges-higher-against-firmer-greenback-as-oil-surges.md) | +12.5% | +19.3% |
| WTI | 2024-03-28 | [Canadian dollar gains as data shows economy ‘humming along’ - The Globe and Mail](https://feedsoft.ai/events/31432-canadian-dollar-gains-as-data-shows-economy-humming-along-the-globe-and-mail.md) | +6.4% | +3.2% |
| WTI | 2016-12-12 | [Canadian dollar above 76 cents US as oil surges to 1½-year high \| CBC News](https://feedsoft.ai/events/73711-canadian-dollar-above-76-cents-us-as-oil-surges-to-11-2-year-high-cbc-news.md) | +0.8% | -1.3% |
| BRENT | 2017-12-04 | [Ringgit surges to 4.06 against dollar \| Malay Mail](https://feedsoft.ai/events/67748-ringgit-surges-to-4-06-against-dollar-malay-mail.md) | -0.6% | +4.0% |
| BRENT | 2016-11-30 | [C$ edges higher against firmer greenback as oil surges](https://feedsoft.ai/events/74053-c-edges-higher-against-firmer-greenback-as-oil-surges.md) | +16.7% | +22.1% |
| BRENT | 2016-12-12 | [Canadian dollar above 76 cents US as oil surges to 1½-year high \| CBC News](https://feedsoft.ai/events/73711-canadian-dollar-above-76-cents-us-as-oil-surges-to-11-2-year-high-cbc-news.md) | +2.7% | +0.3% |

## Sources

- economynext.com: https://economynext.com/oil-surges-as-dollar-continues-slide-against-the-yen-8045/

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