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Brent crude fell 1.17% to $120.84 a barrel as markets priced in a near-certain 75-basis-point Fed hike. Investors also worried about a proposed U.S. tax on oil company profits.
Stocks fell and the dollar and bond yields rose.
Rate-driven demand worries and a stronger dollar push energy and commodity prices lower, which tends to weigh on biofuel-linked feed inputs like soyoil and corn.
reuters.comKoh QingJun 14, 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 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.
