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Oil prices fell more than 6% as worries about future demand and an OPEC+ agreement to increase supply weighed on the market. The decline was the largest since late March, as investors moved from stocks into bonds.
Demand concerns and rising supply expectations push energy prices lower, which can ease costs for biofuel and energy-linked feed inputs.
reuters.comJessica DiNapoliJul 19, 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.
Explains the more than 6% oil drop on July 19 as investors fled risk assets on Covid fears while OPEC+ agreed to raise supply.
Risk-off rotation from stocks to bonds on COVID fears and the OPEC+ deal weighed on oil demand expectations.
Risk-off rotation from stocks to bonds amid Covid surges and the OPEC+ supply deal pushed oil down more than 6%.
