Loading…
Oil slid about 4% to near six-month lows after US data showed crude and gasoline inventories unexpectedly rose the prior week. OPEC+ also agreed to raise its output target by 100,000 barrels per day.
A surprise stockpile build signals softer US demand and ample supply, which pressures crude prices and the energy input costs behind feed production and transport.
reuters.comArathy SomasekharAug 3, 2022After 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.
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.
