
World stock markets slipped on fears of a second wave of coronavirus infections, prompting safe-haven flows. US Treasury yields fell while crude oil rose as lower US gasoline and distillate inventories pointed to firmer fuel demand.
Higher crude prices on firmer fuel demand raise energy-linked costs for feed transport and processing, while risk-off sentiment pressures broader commodity prices.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% 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.