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Oil futures in New York fell 11% on Friday, extending the week's plunge to 29%, the largest weekly drop since January 1991. Traders saw demand shrinking sharply as travel was grounded, while Texas regulators were divided over a plan to curb output.
Sharp weekly losses in crude reduce energy input costs but signal weak demand across fuels. Texas production curbs are a possible but uncertain support for prices.
bloomberg.comJackie DavalosMar 19, 2020Not 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.
Reports the WTI fall of about 11% on the Friday (20 March) session, extending a 29% weekly plunge on collapsing travel demand, which is the move in question.
