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Oil futures and Brent fell as much as 3% on Nov. 17 amid resurgent COVID infections, lockdowns in parts of the EU, and rising US shale output.
US President Biden asked the FTC to investigate oil companies over gasoline pump prices, which the industry rejected. OPEC and Russia-led partners had earlier agreed to modest supply increases.
Demand concerns and expected supply growth weigh on crude, which lowers energy costs for feed producers, while political pressure over fuel prices may influence future US energy policy.
dtnpf.comLiubov GeorgesNov 17, 2021Not 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.
Same-day (Nov 17) Brent selloff of up to 3% on resurgent COVID and EU lockdowns (demand fears), rising US shale output and Biden's FTC push, which directly explains the drop.
