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WTI fell 2.3% to $88.54 a barrel, its lowest since the weeks before Russia's invasion of Ukraine. The decline followed government data showing Americans were driving less than in summer 2021.
Lower US driving points to softer fuel demand, which pressures crude and related energy costs for feed producers and haulers.
bloomberg.comJulia FanzeresAug 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.
