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Brent fell $1.76 to $88.07 and WTI fell $1.75 to $83.74 on Oct 24, marking a third straight session of losses. Weak European economic data weighed on sentiment, though manufacturing had exited a five-month contraction.
Weaker European demand expectations pressure crude prices, lowering energy costs along the feed chain. The move is a routine market wrap with no major supply change.
reuters.comShariq KhanOct 24, 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.
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.
