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Crude oil futures fell more than 2% on November 28 to Brent near $81, the lowest since January, after protests over Covid restrictions in China. Reports of a US license for Chevron to resume Venezuelan production added pressure ahead of an OPEC meeting.
Weaker crude and softer Chinese demand expectations lower energy costs and reduce biofuel-linked support for vegetable oils and feed inputs.
beefcentral.comLiz WellsNov 22, 2022After 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.
