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Oil was the biggest loser in a broad market selloff as OPEC+ agreed to boost crude supply and a resurgent virus hurt confidence. Futures in New York lost as much as 8.3% intraday, the largest intraday drop since March.
Oversupply expectations and demand worries combined push crude lower, and the stronger dollar reduces support for dollar-priced commodities including grains.
worldoil.comRakteem Katakey, Saket SundriaJul 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.
After 15 past bullish policy events, US Dollar (Broad) moved a median +0.2% over 5 sessions (53% higher; middle half -0.4% to +0.4%), and +1.0% 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.
Documents the July 19 plunge in a broad risk-off selloff, driven by OPEC+ supply additions and virus-related confidence loss.
Oil led a broad risk-off selloff on the OPEC+ supply pledge and virus fears, with the largest intraday drop since March.
Oil led a broad market selloff on OPEC+ supply additions and the virus resurgence, with the largest intraday drop since March.
