Oil slumps to 16-week low on U.S. shutdown and possible OPEC+ plans

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.

• Mar 14, 2023Oil falls to three-month low on inflation worries, U.S. bank shutdowns-9.5%
• Jun 15, 2017Oil and U.S. dollar conspire to push down loonie as this week's gains lose some loft - Financial Post-5.1%
• Aug 31, 2021Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more | Reuters-1.2%
• Jul 6, 2022Oil slides 2% to 12-week low on fears of global recession-3.8%
• Jul 30, 2024Oil prices slide 1%, settle at 7-week low on China worries-3.7%

After 312 past bearish macro events, BRENT moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.

• Mar 14, 2023Oil falls to three-month low on inflation worries, U.S. bank shutdowns-8.9%
• Aug 31, 2021Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more | Reuters-0.4%
• Jul 6, 2022Oil slides 2% to 12-week low on fears of global recession-3.2%
• Jul 30, 2024Oil prices slide 1%, settle at 7-week low on China worries-4.3%
• Feb 1, 2025Oil turns lower after Trump says he'll ask Saudi Arabia and OPEC to bring the price down-2.9%

After 359 past neutral macro events, DXY moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.

• Jul 30, 2020USD/CAD jumps to weekly highs above 1.3450 on oil selloff — Octa-0.3%
• Sep 26, 2018Rand Clings on to Week's Gains but Federal Reserve Now Looms Large Over Emerging World+0.2%
• Sep 6, 2024Oil settles down 2%, big weekly drop after US jobs data-0.0%
• Apr 22, 2021Euro and U.S. dollar waffle as markets weigh ECB policy talk-0.3%
• Apr 22, 2020Forecasts for the loonie and U.S. dollar-0.4%