# Oil soars on OPEC hopes, dollar renews its surge

> Oil jumped more than 6 percent as signals from OPEC suggested the group was nearing a deal to cut production. The dollar, U.S. bond yields and stocks also rose, with the move coming amid concern about China's banking system and expectations of U.S. infrastructure spending.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/8566-oil-soars-on-opec-hopes-dollar-renews-its-surge
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher crude on the OPEC cut expectation raises energy costs for feed and transport. A stronger dollar tends to pressure dollar-priced grain and meal exports, so the two forces partly offset each other for feed buyers.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | 1 | +8.1% | 3.8 | Captures the early-session rally on OPEC deal signals; the dollar strength is a minor offsetting factor. |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | Oil's earlier jump on signals that OPEC was nearing a deal reflects anticipation of a supply cut, a sentiment driver of the day's move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2016-12-01 | [Oil, dollar, energy shares and bond yields leap on OPEC deal](https://feedsoft.ai/events/9702-oil-dollar-energy-shares-and-bond-yields-leap-on-opec-deal.md) | +6.6% | +12.9% |
| BRENT | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +6.6% | +12.9% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| BRENT | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -4.2% | -6.1% |
| BRENT | 2018-06-22 | [Oil rallies over 3% as dollar dips, OPEC's meeting proceeds](https://feedsoft.ai/events/11574-oil-rallies-over-3-as-dollar-dips-opec-s-meeting-proceeds.md) | +5.6% | -1.0% |
| WTI | 2016-12-01 | [Oil, dollar, energy shares and bond yields leap on OPEC deal](https://feedsoft.ai/events/9702-oil-dollar-energy-shares-and-bond-yields-leap-on-opec-deal.md) | +0.8% | +8.8% |
| WTI | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +0.8% | +8.8% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |

## Sources

- reuters.com: https://www.reuters.com/article/global-markets-idUSL8N1DV2OL/?feedName=usDollarRpt&feedType=RSS

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