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Oil prices fell more than 4% to a seven-month low after a surprise build in U.S. crude stockpiles. Brent dropped 4.4% to $56.35 a barrel and WTI settled down 4.7% at $51.09.
Prices had already lost more than 20% since an April peak amid escalating U.S.-China trade tensions.
Fears that the trade war will shrink global crude demand, combined with a larger-than-expected U.S. stock build, point to weaker crude prices. Lower crude generally reduces energy costs for feed production and transport but signals softer demand sentiment across commodities.
cnbc.comAug 7, 2019After 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.
After 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.
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 4.4% to $56.35 on Aug 7 on the inventory build and global slowdown fears.
