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The Canadian dollar fell to a two-month low as coronavirus-driven fuel demand cuts hit oil. Sinopec reportedly told refineries to cut throughput by about 600,000 barrels a day, or 12%.
U.S. crude fell 2.9% to $50.06 a barrel.
Lower Chinese crude imports weigh on oil prices and the loonie, and they add to the broader commodity sell-off. This is a demand shock that could also affect energy-linked feed costs.
theglobeandmail.comFergal SmithFeb 3, 2020After 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.
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.
