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Oil fell about 1% on Thursday after Reuters reported that some OPEC+ members would need to cut an extra 2.31 million barrels per day to offset recent oversupply. Prices also came under pressure as US jobless claims rose back above 1 million, signalling a slow economic recovery.
Oversupply and weaker economic data point to softer energy prices, which lowers input and freight costs for feed buyers. The bearish pressure depends on whether OPEC+ enforces the proposed extra cuts.
brecorder.comReutersAug 20, 2020After 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.
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.
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.
