◂ Event Timeline

Jul 7, 2022MACROUS

Oil Posts Weekly Decline as Recession Fears Muddle the Outlook

WTI settled above $104 a barrel on Friday but still posted a weekly decline of 3.4%. Investors remain worried that restrictive US monetary policy could bring on a recession.

WHY IT MATTERS

Concern that tighter US monetary policy will slow growth weighs on energy demand expectations and keeps crude prices under pressure.

AFFECTSWTI▼

SOURCE
bloomberg.comJulia FanzeresJul 7, 2022

Price reaction & history

WTI▼bearishSO FAR1d +4.3%5d -2.0%20d -7.4%

After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.

Jul 8, 2022Oil rises 2% but posts weekly loss on recession fears-6.6%
Nov 18, 2022Oil slides 2%, posts second weekly decline as supply fears recede | Reuters-6.5%
Jul 5, 2022Oil tumbles as much as 10%, breaks below $100 as recession fears mount-3.9%
Mar 17, 2023Oil prices settle down, post big weekly losses on bank fears | Reuters+2.4%
Jul 6, 2022Oil slides 2% to 12-week low on fears of global recession-3.8%

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.

WTI · GP ▸

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