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Oil prices fell more than 10% within a few hours on Friday, November 26, 2021, after reports of a new Covid-19 variant. The article describes OPEC facing uncertainty about its production plans and pressure from customers.
A sharp sudden drop shows how quickly sentiment can shift crude supply expectations. OPEC+ policy choices will determine whether the sell-off becomes a prolonged rout, affecting energy and feed input costs.
nytimes.comDec 1, 2021After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
