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Oil prices settled about 1% lower on May 18, with Brent at $75.86 and WTI at $71.86. The decline followed solid US economic data that lifted the dollar to a two-month high.
A stronger dollar and expectations of further Fed rate hikes weigh on crude demand by making fuel costlier for other currency holders. Lower energy prices also reduce input costs for biofuel and feed production.
reuters.comScott DisavinoMay 18, 2023After 312 past bearish macro events, BRENT moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
After 565 past bearish macro events, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
