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Oil prices were mixed on March 18, with Brent near $67.24 and WTI near $58.43, as slowing demand worries offset OPEC cuts and U.S. sanctions on Iran and Venezuela. Bernstein sees 2019 demand growth of 1.3 million bpd, though a slowdown could push it below 1 million.
U.S. and Japanese manufacturing data showed weakness.
Demand-side weakness from slowing growth limits crude upside even as supply restraint holds prices near 2019 highs, leaving energy costs range-bound for feed producers.
auto.economictimes.indiatimes.comMar 18, 2019After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
After 54 past neutral macro events, Crude Oil (Brent) moved a median +0.4% over 5 sessions (57% higher; middle half -2.8% to +2.5%), and +0.6% 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.
