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Brent crude fell from about $86 to roughly $66 a barrel between early October and mid-November 2018, a decline of about 23 percent after a rise from summer 2017. The article attributes the drop to rising U.S. output, exemptions to Iran sanctions, slowing global growth and a stronger U.S. dollar.
Lower crude weakens the energy-linked support for biofuel feedstocks such as soybean oil and corn ethanol, which pulls on feed-ingredient prices. A stronger dollar also makes dollar-priced commodities more expensive for foreign buyers.
npr.orgCardiff GarciaNov 14, 2018After 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 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 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.
