Oil markets turning bearish amid signs of pandemic’s accelerating economic impact

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.

• Dec 24, 2018Oil plunges 6 percent as economic slowdown fears grip market-1.3%
• Jun 4, 2019Oil price slump: is this an economic warning? - UNSW BusinessThink+1.7%
• Sep 9, 2020Second wave of floating storage triggered by ailing oil market | Financial Post+2.3%
• Feb 24, 2020Oil slides into bear market territory, posting worst day in more than a month-13.0%
• Oct 31, 2022Oil Futures Sell-Off as Evidence of Economic Slowdown Mount+4.0%

After 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.

• Dec 24, 2018Oil plunges 6 percent as economic slowdown fears grip market-0.5%
• Jun 4, 2019Oil price slump: is this an economic warning? - UNSW BusinessThink+0.1%
• Feb 24, 2020Oil slides into bear market territory, posting worst day in more than a month-16.0%
• Jun 30, 2020C$ pares monthly gain as data shows record economic contraction - Markets - Business Recorder+2.3%
• Oct 31, 2022Oil Futures Sell-Off as Evidence of Economic Slowdown Mount+5.4%