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Oil prices fell on economic data and a rebound in the dollar index after the Fed raised rates by a quarter point and promised ongoing increases. A stronger greenback makes dollar-priced crude more expensive for foreign buyers.
A firmer dollar and softer energy demand expectations put downward pressure on crude, which in turn weighs on biofuel economics and vegetable oil prices.
reuters.comLaila KearneyFeb 2, 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.
After 2,356 past bullish macro events, US Dollar (Broad) 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.
