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Brent and WTI slipped on Nov 20, 2018 as a broad stock market sell-off outweighed expectations of new OPEC output curbs. US crude output rose nearly 25% this year to a record 11.7 million bpd.
Speculative funds have cut their positions sharply over the past seven weeks.
Record US supply and fund liquidation weigh on crude prices, and lower energy prices reduce the cost of ethanol and biodiesel feedstocks. Prices remain roughly a quarter below early-October peaks.
business-standard.comReutersNov 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.
Nov 20 move attributed to broad stock sell-off outweighing OPEC cut expectations, with record US output and fund liquidation adding pressure.
Equity sell-off outweighed OPEC cut expectations on Nov 20, with record US output adding supply pressure.
