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Brent and US WTI crude prices plunged more than 5 percent, their biggest drop since February 2016, after months of range-bound trading. The sell-off reminded traders of the price war that left many US shale producers with weak balance sheets.
A sharp break from a tight trading range signals that the market is losing faith in the OPEC-led supply cuts, which weighs on energy-linked feed input costs and sentiment.
reuters.comDevika Krishna KumarMar 9, 2017Not 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.
