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U.S. WTI crude fell 4.8 percent to $45.88, its lowest close since July 2017, and Brent settled at $54.35 after the Federal Reserve raised interest rates and equities slumped. Bearish reports from Asia, including weaker Indian crude import data, added to concerns about both supply and demand.
Higher rates and bearish demand signals from major importers such as India reduce crude consumption expectations and push prices lower. Weaker energy prices also pressure biofuel margins that support corn and vegetable oil demand.
cnbc.comTom DiChristopherDec 20, 2018After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
Brent settled at $54.35 on Dec 20, 17-month low, from the Fed rate hike, equity slump and weak Asian import data, directly contributing to the move.
Brent settled at $54.35 on Dec 20 as the Fed hike, equity slump and weak Asian import data hit demand expectations.
