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US crude dipped below $50 for the first time since December as a global supply glut persisted despite cuts by big exporters. WTI fell $1.23 to $49.05 and was down 9 percent in March, with US commercial crude supplies rising for nine straight weeks to a record 528.4 million barrels.
Record US inventories and continued output signal persistent oversupply, which keeps crude and energy-linked feed costs under downward pressure.
usatoday.comRoger YuMar 9, 2017After 171 past bearish report events, WTI moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% 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.
