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The rand steadied on Wednesday after two sessions of losses tied to an oil price spike, with Brent falling 6.5% the prior session. Saudi Arabia said output would recover to 9.89 million barrels per day in September and October, and local inflation rose to 4.3%.
Recovering Saudi output eased oil-driven risk-off pressure, reducing short-term import cost concerns for South African feed buyers, though the Fed decision remained a key driver.
moneyweb.co.zaOnke Ngcuka, ReutersSep 18, 2019After 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.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
