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Oil fell more than 4% on Tuesday as new COVID-19 curbs and slow vaccine rollouts in Europe weighed on demand. A stronger US dollar also pressured prices, and Brent's front-month spread flipped into a small contango.
Expected weaker European fuel demand and a stronger dollar push crude lower, while a strong dollar also makes dollar-priced commodities costlier for non-US buyers.
cnbc.comReutersMar 23, 2021After 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
