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Oil prices slumped on Nov. 17 to their lowest settlement since early October after OPEC and the IEA warned of impending oversupply.
Rising COVID-19 cases in Europe increased downside risks to demand recovery.
Warnings of oversupply and weaker European demand point to lower crude prices, reducing energy and transport costs for feed buyers, with bearish pressure on energy-linked agricultural products.
reuters.comDavid GaffenNov 17, 2021After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), 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.
Reuters reports oil slumped on Nov 17 to a six-week low after OPEC and IEA oversupply warnings and rising European COVID cases hit the demand outlook, matching the move's date and size.
