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WTI fell $1.94, or 4.1%, to settle at $45.13 on July 5, ending its longest winning streak since 2012. Thomson Reuters data showed OPEC exports rose in June despite the May agreement to extend output cuts.
Rising OPEC exports despite the output deal add to the perceived glut and weigh on crude prices, lowering energy and biofuel input costs.
cnbc.comTom DiChristopherJul 5, 2017After 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.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
