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Oil fell to its lowest level since October as fears of slower crude demand from the coronavirus outbreak pressed prices. WTI settled at $53.14 a barrel, and Brent fell to $59.16, with both benchmarks on a third straight weekly loss.
Lower crude prices weaken the energy complex and the cost of biofuel feedstocks, which can pressure soybean oil and corn ethanol demand. Continued demand-driven weakness would keep energy-linked feed input costs under pressure.
cnbc.comPippa StevensJan 27, 2020After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% over 20.
After 17 past disease events, ULSD / Diesel moved a median -5.8% over 5 sessions (35% higher; middle half -6.3% to +1.2%), and -6.1% 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.
WTI settled at $53.14, a 3-month low, on coronavirus fears of weaker Chinese crude demand, directly describing the move in the window.
Brent fell to $59.16, a three-month low, on coronavirus demand fears on the end date of the window, directly reflecting the drop.
