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Oil futures in New York dropped 2.9% on Friday, erasing earlier gains from the week that followed a US vow of tougher Iran sanctions. Trump said he had urged OPEC to bring down gasoline prices, and reports of replacement supplies for contaminated Russian crude also weighed on prices.
Expectations of extra OPEC supply and readily available replacement barrels reduce the risk premium in crude, pointing to lower energy input costs for the feed sector.
bloomberg.comAlex NussbaumApr 25, 2019After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
Describes the biggest oil drop in two months on Friday, driven by Trump's push for OPEC to lower prices and by replacement supplies for contaminated Russian crude easing supply worries; the listed date is off by a day but the content matches the move.
