# Oil markets stage tentative recovery | Emirates NBD Research

> Oil recovered strongly in the last week of April 2020 as OPEC+ production cuts began and more countries moved to reopen. OPEC output rose 1.73m b/d in April, mainly from Saudi Arabia, which pointed to a price war among key members. Weak macro data, including an ISM manufacturing reading of 41.5, pointed to downward pressure on prices.

- Date: 2020-05-03 · published 2020-05-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8048-oil-markets-stage-tentative-recovery-emirates-nbd-research
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil-specific supply cuts support near-term crude prices, but weak global demand and OPEC output increases cap the rally and keep energy costs volatile for feed producers.

## 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 | Describes the late-April recovery as OPEC+ cuts began and reopening started, a supply and demand rebound that drove the 5-day rise from the depressed base. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-10-19 | [Oil up in tight market as U.S. sets release of more reserves \| Reuters](https://feedsoft.ai/events/39280-oil-up-in-tight-market-as-u-s-sets-release-of-more-reserves-reuters.md) | +3.6% | +4.5% |
| WTI | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +0.8% | -6.3% |
| WTI | 2023-11-02 | [Palm oil rises by more than 2% as Indonesia extends export curbs - Markets - Business Recorder](https://feedsoft.ai/events/33278-palm-oil-rises-by-more-than-2-as-indonesia-extends-export-curbs-markets.md) | -6.4% | -6.3% |
| WTI | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +0.8% | -6.3% |
| WTI | 2020-04-02 | [China’s strategic crude reserve buy extends oil’s rebound](https://feedsoft.ai/events/6564-china-s-strategic-crude-reserve-buy-extends-oil-s-rebound.md) | +23.3% | -2.7% |
| BRENT | 2022-10-19 | [Oil up in tight market as U.S. sets release of more reserves \| Reuters](https://feedsoft.ai/events/39280-oil-up-in-tight-market-as-u-s-sets-release-of-more-reserves-reuters.md) | +3.2% | +4.8% |
| BRENT | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +1.2% | -11.8% |
| BRENT | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +1.2% | -11.8% |

## Sources

- emiratesnbdresearch.com: https://www.emiratesnbdresearch.com/en/articles/oil-markets-stage-tentative-recovery

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