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Oil prices slumped on December 20 as Omicron case surges in Europe and the US raised fears of new restrictions hurting fuel demand. Brent settled at $71.52 and WTI at $68.23.
Weaker crude expectations lower diesel and freight costs over time, but the demand fear also weighs on biofuel-linked vegetable oil and feed demand sentiment.
reuters.comStephanie KellyDec 20, 2021After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% 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.
