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WTI fell below $70 a barrel on Dec 12, down from around $90 in late September. Analysts blamed geopolitical instability, recession fears and doubts about whether OPEC+ output cuts would be followed through.
The article notes seven straight weekly declines, the longest losing streak since 2018.
Weaker crude lowers biofuel and fuel costs and reduces input costs for feed producers. Recession fears also point to softer industrial and feed demand.
cbc.caJoel DrydenDec 12, 2023After 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.
After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% 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.
