
Oil fell about 3.5% on Monday as Kurdistan's pipeline exports to Turkey restarted after a 2.5-year hiatus and OPEC+ reportedly planned a 137,000 bpd output increase for November. WTI fell 3.59% to $63.36 and Brent dropped 3.21% to $67.88.
A sharp selloff on new supply and an OPEC+ market-share shift signals weaker crude prices that can lower energy and freight costs for feed makers.
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.
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.
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.