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Oil prices slid about 2% to a 12-week low on Wednesday, extending the prior session's heavy losses. Investors worried that energy demand would fall in a possible global recession.
Lower crude expectations reduce energy and freight input costs, and the weaker demand outlook pressures commodity prices more broadly.
reuters.comScott DisavinoJul 6, 2022After 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 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.
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.
