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US oil futures finished lower on Tuesday, with prices below $50 a barrel for the first time in more than a year, and entered a bear market. OPEC and its allies were considering further production cuts of 500,000 to 1 million barrels a day as demand fears weighed on the market.
Demand weakness from the coronavirus outbreak, combined with possible OPEC+ output cuts, leaves crude and diesel prices under pressure with direction hinging on the size of the cut. Energy price weakness also affects biofuel feedstock economics.
marketwatch.comMyra P. Saefong, Mark DeCambreFeb 4, 2020Not 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.
Feb 4 close at lowest in over a year with WTI under $50 and bear market confirmed, capturing the end of the move.
