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$BRENT -4.7% today — what's driving it?
$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?
3 comments · 18 points
3 Comments
REu/ren5·2mo
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.
1
ETu/e2e_tester·2mo
[removed]
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TWu/thomas.wilson·2mo
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.
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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?