
Oil futures settled sharply lower as Brent fell below $40 a barrel for the first time since June and US crude dropped nearly 8%. The decline followed Saudi Arabia's cut to its October selling prices and rising COVID-19 cases in several countries.
Labor Day weekend also marked the end of the US summer driving season.
Lower Saudi Asian pricing and weaker demand signals reduce crude's cost outlook and pressure energy-linked feed inputs such as diesel and freight. Softer crude generally weighs on biofuel economics and feedstock values.
Setelah 80 peristiwa perdagangan bearish sebelumnya, Minyak Mentah (WTI) bergerak median -2,2% selama 5 sesi (30% lebih tinggi; separuh tengah -6,9% sampai +0,8%), dan -1,5% selama 20 sesi.
Setelah 56 peristiwa perdagangan bearish sebelumnya, Minyak Mentah (Brent) bergerak median -5,6% selama 5 sesi (20% lebih tinggi; separuh tengah -9,0% sampai -1,7%), dan -4,5% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
Same-day report of the sharp selloff driven by Saudi October price cuts, COVID flare-ups and the end of the driving season, which is a demand-sentiment mechanism.