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Oil settled near a three-year low after weak demand expectations weighed on prices. Brent had fallen below $70 earlier in the week, and Tropical Storm Francine was shutting in about a quarter of offshore crude output.
Weak demand outlooks push crude prices lower, which eases energy costs for feed producers, though storm-related shut-ins partly offset the decline.
reuters.comGeorgina MccartneySep 10, 2024After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
