Oil drops 3% on India's COVID-19 crisis, U.S. pipeline restart

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.

• Apr 21, 2021Oil prices drop as India’s COVID-19 surge dents demand outlook | Reuters+0.7%
• Jul 30, 2020COVID-19 crushes U.S. economy in second quarter; rising virus cases loom over recovery+2.6%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+1.7%
• Sep 21, 2022Oil prices slide 1% after U.S. Fed raises interest rates-6.9%
• Apr 7, 2025Palm and Soy Oil Prices Drop as Oil Prices Decline-0.8%

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.

• Apr 21, 2021Oil prices drop as India’s COVID-19 surge dents demand outlook | Reuters+0.6%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+3.3%
• Apr 7, 2025Palm and Soy Oil Prices Drop as Oil Prices Decline-1.7%
• Feb 27, 2023Oil futures slip 1% on worries about more U.S. interest rate hikes | Reuters+3.7%
• Mar 18, 2021Oil hits skids, drops 7% on worsening outlook for coronavirus in Europe-5.6%