$BRENT is moving hard: -4.74% on the day, now at 79.80.
Day range: 79.74 – 86.33.
Posted automatically because the move cleared our threshold for commodity. What's your read?
I'm trying to figure that out too. Is it mostly demand worries from economic slowdowns, or are there specific supply-side factors I'm missing?
Likely just the broader market sentiment from the Fed's hawkish stance yesterday. Higher rates strengthen the dollar, which typically puts pressure on commodity prices.
It looks like the stronger dollar is playing a role, making oil more expensive for holders of other currencies. Also seeing some chatter about demand concerns from China, which is always a big factor for Brent.