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Brent crude dropped almost 7 percent to $65.11 a barrel, its lowest since March, and WTI fell over 7 percent to $55.69. OPEC cut its 2019 oil demand growth forecast by about 70,000 barrels a day, and Saudi Arabia said OPEC was considering supply cuts.
A lower OPEC demand forecast and possible production cuts create conflicting signals, but the immediate pressure is downward on crude and related energy-linked feedstock values.
bbc.comAdd as preferred on GoogleNov 13, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Brent fell almost 7% to $65.11 on the day as OPEC cut its 2019 demand growth forecast and signaled possible supply cuts, directly describing the move through demand and sentiment channels.
Brent fell ~7% to its lowest since March as OPEC cut its 2019 demand growth forecast, combining demand worries with supply-cut uncertainty, directly on the end date of the move.
