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Oil prices fell on April 1 after US crude inventories rose 13.8 million barrels, the biggest weekly gain since 2016, according to EIA data. Gasoline demand also fell by a record weekly amount during coronavirus lockdowns.
A large inventory build and falling fuel demand signal oversupply, which points to continued downward pressure on crude and energy-linked costs.
cnbc.comReutersApr 1, 2020After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
