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The Canadian dollar fell to a five-month low of 1.2758 per U.S. dollar as a surge in coronavirus cases, driven by the Delta variant, weighed on sentiment. The safe-haven U.S. dollar rallied and global equities fell.
U.S. crude settled 7.5% lower at $66.42 a barrel after OPEC+ agreed to boost output.
Demand fears from Delta-driven lockdowns and an OPEC+ supply increase point to lower energy prices, which weighs on biofuel economics and feedstock values.
financialpost.comReutersJul 19, 2021After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 89 past bullish geopolitics events, DXY moved a median +0.5% over 5 sessions (74% higher; middle half -0.0% to +1.0%), and +0.3% 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.
