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A firmer dollar and higher US yields pushed copper toward a four-month low and weighed on gold. Brent crude slipped to around $91/bbl as Middle East supply recovered, with OPEC output rising by almost 2 million b/d in October.
Recovering OPEC supply lowers energy costs and reduces the risk premium in oil, which can ease biofuel and freight costs for feed. A stronger dollar also weighs on dollar-denominated grain prices.
think.ing.comEwa Manthey, Warren PattersonNov 12, 2026After 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.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), 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.
