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Statistics Canada released third-quarter GDP showing 2.0 percent growth, weaker than the 2.9 percent in Q2 and a forecast 2.0 percent. WTI was at a 12-month low amid concerns over a global slowdown and record US output, and reports suggested OPEC and Russia may consider further cuts.
Weak oil prices and record US crude output pressure energy-linked currencies and Canadian export revenue. Possible OPEC cuts and G20 trade progress are the main upside risks for crude and currency sentiment.
baystreet.caRahim MadhavjiNov 30, 2018After 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.
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.
