Oil falls more than 3% on softening demand, oversupply concerns

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.

• Feb 25, 2020Oil falls for fifth day on demand concerns as coronavirus spreads-7.6%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+3.3%
• Oct 29, 2020Oil falls more than 3%, on track for worst week since April+5.1%
• Oct 14, 2022Oil prices fall more than 3% on recession worries-3.1%
• Oct 13, 2024Oil falls 2% as OPEC cuts oil demand growth view, China concerns-8.5%

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.

• Feb 25, 2020Oil falls for fifth day on demand concerns as coronavirus spreads-9.0%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+1.7%
• Oct 29, 2020Oil falls more than 3%, on track for worst week since April+4.6%
• Oct 14, 2022Oil prices fall more than 3% on recession worries-3.8%
• Oct 13, 2024Oil falls 2% as OPEC cuts oil demand growth view, China concerns-8.3%