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Oil settled lower on March 17 as banking sector fears drove both benchmarks to their biggest weekly declines in months. Brent settled at $72.97 and WTI at $66.74.
Recession fears and banking stress reduce expected crude demand, pushing energy prices down and weighing on diesel and freight costs.
reuters.comLaura SanicolaMar 17, 2023After 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 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.
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.
