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US crude futures settled down 6.6% at $53.43 a barrel on Nov 20, 2018, their lowest since October 2017, after falling as much as 7% intraday. The drop accompanied a sharp stock market sell-off and fears of slowing global growth.
OPEC and allies were due to meet on Dec. 6 to discuss supply cuts.
Weaker expected oil demand from slowing growth, combined with ample supply, pushes crude lower. Lower crude weakens the energy cost base and the biofuel and ethanol economics that support feed-grain and oilseed demand.
cnbc.comTom DiChristopherNov 20, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Directly describes the Nov 20 crude plunge (WTI -6.6%) tied to an equity sell-off and global growth fears, a demand/sentiment mechanism.
Nov 20 sell-off of ~6.6% alongside equity slump and global growth fears fell inside the 5-day window and drove a large share of the move.
