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Oil prices fell as investors sold at the fastest pace in four months, with worsening economic outlooks in Europe and Asia. Traders also came to believe the G7 price cap on Russian crude would have little effect on supply because of evasion.
Brent futures and calendar spreads retreated.
Weaker expected oil demand and a softer energy outlook reduce input and freight costs over time, but feed buyers should watch for a broader economic slowdown affecting livestock demand.
reuters.comJohn KempNov 22, 2022After 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.
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.
