Oil falls nearly 3% as production comes back online

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 4, 2025Oil falls to near 4-year low amid recession fears, OPEC+ production hikes-9.8%
• Apr 27, 2023Oil market has absorbed surprise production cut by OPEC+-7.4%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+3.3%
• Jul 16, 2021Oil prices anticipate increase in production | Reuters+0.0%
• Oct 14, 2022Oil prices fall more than 3% on recession worries-3.1%

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 4, 2025Oil falls to near 4-year low amid recession fears, OPEC+ production hikes-10.2%
• Dec 15, 2021Canadian dollar at nearly 3-month low as oil prices fall | Reuters+0.7%
• Apr 21, 2021Canadian dollar sees biggest drop in nearly 2 months as oil falls+0.7%
• Apr 27, 2023Oil market has absorbed surprise production cut by OPEC+-7.7%
• Dec 12, 2023U.S. crude oil falls more than 3% on inflation worries+1.7%