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Bloomberg reports oil rose to a three-week closing high as the dollar weakened after the Federal Reserve held rates steady, and as evidence grew that OPEC and partners were cutting output. Futures advanced about 2 percent in New York.
A weaker dollar and firmer crude support higher energy and input costs, and a softer dollar can lift US-priced commodity exports.
investors.comBLOOMBERG NEWSFeb 1, 2017After 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 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
