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Brent crude futures settled down $16.84, or 13.2%, to $111.14 a barrel, their biggest one-day decline since April 2020. U.S. crude fell $15.44, or 12.5%, to $108.70.
The drop followed signs that the UAE would support a larger OPEC+ output increase.
A credible plan to add OPEC+ supply eases the energy price spike that had pushed up diesel and biofuel-linked feedstock costs. Lower crude weakens the energy-driven support under vegetable oil and corn-based biofuel prices.
reuters.comShariq Khan9 de mar. de 2022Após 210 eventos baixista de política passados, Petróleo (Brent) subiu em mediana -0,9% em 5 sessões (48% de alta; metade central de -3,8% a +3,2%), e +0,2% em 20.
Após 215 eventos baixista de política passados, Petróleo (WTI) subiu em mediana +0,1% em 5 sessões (51% de alta; metade central de -4,4% a +3,3%), e +0,2% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
Directly reports Brent's 13% settlement drop on 9 March, driven by UAE signals of support for a larger OPEC+ output increase, which eased supply fears.
UAE backing a bigger OPEC+ output hike triggered Brent's largest one-day drop since April 2020 (-13%) on March 9, a supply-expectation shift that drove much of the 5-day decline.
Brent fell 13.2% on March 9 as the UAE backed a bigger OPEC+ output increase, easing supply fears and driving the largest single-day drop in the window.
The UAE's support for a larger OPEC+ output increase triggered the biggest one-day drop in two years, a supply-expectation shock.
