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Oil prices rebounded on March 20 after falling to their lowest level in about 15 months. Brent rose to $73.79 and WTI gained to $67.64 as Wall Street rallied.
Both benchmarks had dropped more than 10% the previous week on fears that the banking crisis could trigger a recession.
Recession fears reduce expected fuel and industrial demand, which keeps energy and freight costs under pressure for feed buyers. The bounce is a short-term recovery rather than a change in the demand outlook.
reuters.comStephanie KellyMar 20, 2023After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.
