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Brent slid 4.76% to $101.10 and WTI fell 4.78% to $97.18, extending a second day of losses. The drop reflected China's COVID containment efforts and the Federal Reserve's signal of rate hikes.
Weaker Chinese demand and tighter Fed policy pressure energy prices and strengthen the dollar, lowering costs for energy inputs but weighing on commodity sentiment.
markets.businessinsider.comHamza Fareed MalikApr 25, 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.
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.
