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Brent crude dropped to about $60 a barrel from a early October peak of $85, reaching a one-year low. The decline followed growing worries about a global trade war and rising U.S. shale oil production.
Trade war fears that weaken global demand also threaten agricultural export flows, which can pressure grain and oilseed prices. Lower crude reduces biofuel-linked support for vegetable oils and corn.
reuters.comHelen ReidNov 23, 2018After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% over 20.
After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% 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.
Brent dropped to about $60 on trade war worries and rising US shale output, matching the window's low.
