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Oil prices had absorbed OPEC+'s surprise production cut, trading at about $81 a barrel on April 25 after reaching a high of $87. Prices have since come under pressure from concerns about slowing growth and rising interest rates.
With the supply shock priced in, crude is now driven more by demand and rates, which weighs on biofuel margins and on soyoil and palm oil support. Lower energy costs also ease diesel and freight expenses for feed producers.
reuters.comJohn KempApr 27, 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.
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.
