Oil falls more than 3%, on track for worst week since April

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.

• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+1.7%
• Oct 14, 2022Oil prices fall more than 3% on recession worries-3.8%
• Mar 18, 2020Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low-18.5%
• Dec 12, 2023Oil falls more than 3% on softening demand, oversupply concerns | Reuters+1.7%
• May 30, 2023Canadian dollar dips as oil prices fall more than 4%-0.4%

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.

• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+3.3%
• Oct 14, 2022Oil prices fall more than 3% on recession worries-3.1%
• Mar 18, 2020Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low-9.0%
• Dec 12, 2023Oil falls more than 3% on softening demand, oversupply concerns | Reuters+3.3%
• Feb 28, 2020Palm oil heads for worst week in 11 years on demand destruction | The Star-3.0%