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U.S. crude fell 7.1% to a one-year low of $55.69 and extended a record losing streak to 12 sessions. The drop followed President Trump's call for OPEC and Saudi Arabia to reject new production cuts, while OPEC and allies were weighing a fresh round of curbs at a meeting next month.
Political pressure against output cuts raises the chance of continued supply growth, which keeps crude prices under pressure, though a possible OPEC cut decision could reverse the trend.
cnbc.comTom DiChristopherNov 13, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
Trump's call for OPEC/Saudi Arabia to reject output cuts removed expected supply support, triggering a 7% one-day drop within the window and extending the record losing streak.
Trump's call for OPEC and Saudi Arabia to reject production cuts removed expected supply support, triggering a plunge extending the record losing streak.
Trump's call for OPEC to reject cuts and the record losing streak drove a sharp supply-expectation selloff, but it occurred before the 5-day window began.
