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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.
aljazeera.comReuters8 sep 2020
reuters.comLaura Sanicola8 sep 2020Na 80 eerdere neerwaarts handel-gebeurtenissen bewoog Ruwe olie (WTI) zich mediaan -2,2% over 5 sessies (30% hoger; middelste helft -6,9% tot +0,8%), en -1,5% over 20.
Na 56 eerdere neerwaarts handel-gebeurtenissen bewoog Ruwe olie (Brent) zich mediaan -5,6% over 5 sessies (20% hoger; middelste helft -9,0% tot -1,7%), en -4,5% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
