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Oil gave back much of the week's gains on Friday, with WTI for October falling below $55 and Brent futures losing ground. China planned a 5% tariff on American crude from September 1, while Russia reportedly cut August output less than promised under the OPEC+ deal.
The Chinese tariff on US crude may redirect flows and pressure WTI relative to Brent, while OPEC+ compliance questions affect the supply outlook for energy input costs.
rigzone.comAlex Longley, Sheela TobbenAug 30, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 56 past bearish trade events, Crude Oil (Brent) moved a median -5.6% over 5 sessions (20% higher; middle half -9.0% to -1.7%), and -4.5% 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.
