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Brent fell about 4% on Nov 20, 2018, to below $63, its lowest level in more than a year, after clearing $85 in early October. The White House issued waivers to eight of Iran's biggest customers, which returned much of the earlier gains.
Analysts cited weakening demand and rising output from Saudi Arabia, Russia and the US.
Concerns about supply outpacing weaker demand keep crude under pressure, and the Iran waivers removed the supply cut that had supported prices. Lower oil prices reduce the cost of biofuel feedstocks.
energyvoice.comMark LammeyNov 21, 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.
Describes Brent falling about 4% on Nov 20 on weakening demand and rising Saudi, Russian and US output, with Iran waivers adding supply.
Brent fell below $63 on weakening demand and rising Saudi, Russian and US output, with Iran waivers reducing supply tightness.
