# Oil up 3% as countries ease lockdowns, production falls

> 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.

- Date: 2020-05-04 · published 2020-05-04T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/8047-oil-up-3-as-countries-ease-lockdowns-production-falls
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Supply cuts offset weak demand, supporting crude prices and energy costs that flow into biofuel and transport margins for feed ingredients.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-05-04 | 5 | +35.3% | 4.0 | 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-10-23 | [OPEC+ countries to cut further oil production  ABC.AZ](https://feedsoft.ai/events/56473-opec-countries-to-cut-further-oil-production-abc-az.md) | +2.2% | +1.5% |
| WTI | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +17.7% | +80.3% |
| WTI | 2018-12-03 | [Oil Prices Rise on Expectations for a Production Cut](https://feedsoft.ai/events/10625-oil-prices-rise-on-expectations-for-a-production-cut.md) | +3.7% | -11.0% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2023-10-04 | [OPEC+ Leaves Oil Production Levels Unchanged \| OilPrice.com](https://feedsoft.ai/events/33525-opec-leaves-oil-production-levels-unchanged-oilprice-com.md) | -3.7% | -8.8% |
| BRENT | 2019-10-23 | [OPEC+ countries to cut further oil production  ABC.AZ](https://feedsoft.ai/events/56473-opec-countries-to-cut-further-oil-production-abc-az.md) | +2.0% | +2.6% |
| BRENT | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +16.8% | +64.0% |
| BRENT | 2018-12-03 | [Oil Prices Rise on Expectations for a Production Cut](https://feedsoft.ai/events/10625-oil-prices-rise-on-expectations-for-a-production-cut.md) | +6.0% | -10.4% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-open-down-on-persistent-oversupply-worries-idUSKBN22F0XA/

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