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Oil slid to its lowest level in nearly two months after the US Energy Information Administration reported a ninth straight weekly rise in crude inventories. Brent fell more than 3.4 percent to $54.01 and WTI dropped 3.7 percent to $51.16.
Weekly stock builds that keep rising deepen concerns about oversupply, which pushes crude and energy-linked costs lower.
ft.comMar 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.
