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The Canadian dollar and TSX fell as new IEA data showed the global oil glut would persist through 2017 unless OPEC and other producers significantly cut output. WTI closed down $1.47 at $43.19 a barrel, and the loonie dropped to 73.82 US cents.
A persistent crude oversupply keeps energy prices and biofuel-linked demand for vegetable oils and meals under pressure, while a weaker loonie affects Canadian export pricing.
cbc.caCBC NewsNov 11, 2016After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
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.
