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Oil rose about 3% on May 4, 2020 as more countries announced plans to ease coronavirus lockdowns. Global supply cuts by major producers and companies took effect from May 1.
Worldwide fuel demand fell an estimated 30% in April.
Supply cuts offset weak demand, supporting crude prices and energy costs that flow into biofuel and transport margins for feed ingredients.
reuters.comLaila KearneyMay 4, 2020After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
May 4 gain of about 3% on lockdown easing and supply cuts effective May 1 fall inside the window and reflect demand recovery and supply response.
