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Oil settled lower for a fourth straight session on Wednesday, with April Brent at $53.43 and April WTI at $48.73. The number of new coronavirus cases outside China exceeded those inside China for the first time, and global confirmed cases reached about 81,325.
Demand destruction concerns from the expanding outbreak keep crude under pressure, which lowers energy and transport costs but adds uncertainty to global economic growth and trade flows for feed commodities.
spglobal.comChris van MoessnerFeb 26, 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.
Fourth straight losing session as new cases outside China exceeded those inside China, boosting fears of a demand slump.
Brent fell for a fourth straight session as new virus cases outside China exceeded those inside China, escalating global demand-destruction fears.
