Oil drops on fears of more US drilling after climate deal withdrawal

After 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.

• Feb 16, 2021Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa+3.6%
• Jul 19, 2021U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears+0.6%
• Apr 1, 2022Oil falls most in 2 years after oil stockpile release-4.4%
• Aug 1, 2026Oil Prices Are Falling, but OPEC Plus Pledges to Pump More-7.5%
• Nov 24, 2021Oil prices drop as coordinated reserve release eases some supply fears-16.5%

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.

• Feb 16, 2021Oil rally makes further easing of oil supply curbs more likely after April – Reuters — Octa+3.1%
• Jul 19, 2021U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears+0.6%
• Apr 1, 2022Oil falls most in 2 years after oil stockpile release-6.9%
• Aug 1, 2026Oil Prices Are Falling, but OPEC Plus Pledges to Pump More-8.5%
• Nov 24, 2021Oil prices drop as coordinated reserve release eases some supply fears-14.7%