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Crude oil prices tanked during the pandemic, bringing relief to India, where the rupee rebounded about 2% from a record low. Bank of America estimated savings of $40 billion from cheaper oil, and a Bloomberg survey forecast the rupee rising to 74.74 by year-end.
Cheap crude eases India's import bill and supports the rupee, but lockdown-driven fuel demand collapse limits the fiscal gains for the economy.
theprint.inKartik GoyalMay 11, 2020After 312 past bearish macro events, 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, WTI moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
