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Oil prices fell more than 6% on March 15, 2022, to their lowest in almost three weeks, with Brent and WTI settling below $100 for the first time since late February. The drop followed Russia's signal it would allow a revival of the Iran nuclear deal and worries about pandemic lockdowns in China dampening demand.
Lower crude prices reduce energy and freight costs for feed production, though lockdown-driven demand weakness in China could also soften demand for feed ingredients.
reuters.comStephanie KellyMar 15, 2022Not enough comparable past events yet for a historical read.
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.
Brent fell over 6% on March 15 to below $100 as Russia signaled support for an Iran deal revival (more supply) and China lockdowns threatened demand.
The March 15 drop below $100 on Iran deal and China lockdown worries set the window's low base, making the later rebound sharper.
