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Oil fell below $50 for the first time since December as OPEC and its partners saw the post-deal rally fade. Rising US inventories drove the decline, and OPEC warned that the industry could 'kill' the market with another spending boom.
Persistent inventory builds point to a continuing global glut, which lowers crude and diesel costs and reduces pressure on biofuel and feed-input prices.
bloomberg.comMark ShenkMar 8, 2017After 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.
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.
