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Oil posted its biggest weekly decline since October, with Brent settling near $64.53 and WTI near $61.42 after a rally that began in November. Traders reacted to renewed lockdowns in parts of Europe and signs of fragile physical demand in China and the U.S.
Weaker crude demand signals pressure energy-linked costs for feed and biofuel inputs in the near term. Analysts see the drop as a correction within a larger rally, so the price implication is limited.
ft.comMyles McCormick in New York, David Sheppard in LondonMar 19, 2021Not 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.
Cites European lockdowns and fragile physical demand as the cause of the decline, but it is a weekly recap.
