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Oil fell for a fifth straight day on Thursday to its lowest since January 2019, with Brent down 2.8% near $51.96 and WTI down 2.7% near $47.38. Brent and WTI had lost about 10% over five sessions, their largest such losses since August 2019.
Consultants cut 2020 oil demand growth to practically zero because of the outbreak, signaling weaker global economic activity and lower energy costs that can ease feed transport and processing expenses.
cnbc.comReutersFeb 27, 2020
reuters.comStephanie KellyFeb 25, 2020After 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.
Describes a fifth straight daily decline with Brent and WTI losing about 10% over five sessions on virus-driven demand concerns, matching the window and magnitude.
Documents five straight daily declines and ~10% losses for Brent and WTI, the largest since Aug 2019, on demand worries.
