Oil Prices Extend Losses On Growing Oversupply Fears

After 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.

• Mar 17, 2023Oil prices settle down, post big weekly losses on bank fears | Reuters+2.4%
• Feb 27, 2020Oil prices dive to lowest in over a year on coronavirus fears | Reuters-3.9%
• Jul 8, 2022Oil rises 2% but posts weekly loss on recession fears-6.6%
• Jun 14, 2022Oil prices settle down on fears of Fed and oil profit tax-8.6%
• Oct 16, 2024Oil prices hold at 2-week low on lower oil demand growth forecasts+2.2%

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.

• Mar 17, 2023Oil prices settle down, post big weekly losses on bank fears | Reuters+1.6%
• Feb 27, 2020Oil prices dive to lowest in over a year on coronavirus fears | Reuters-5.0%
• Jul 8, 2022Oil rises 2% but posts weekly loss on recession fears-5.1%
• Jun 14, 2022Oil prices settle down on fears of Fed and oil profit tax-7.7%
• Oct 16, 2024Oil prices hold at 2-week low on lower oil demand growth forecasts+2.5%