Brent Crude Falls Below 200-Day Average as Oil Slumps More Than 27% in a Month
Updated
Updated · CNBC · Jun 17
Brent Crude Falls Below 200-Day Average as Oil Slumps More Than 27% in a Month
3 articles · Updated · CNBC · Jun 17
Summary
Brent crude slipped below its 200-day moving average on Thursday for the first time since Feb. 3, marking a fresh technical break in the oil market.
West Texas Intermediate has fallen with it, leaving both benchmarks down more than 27% over the past month.
That slide has hit energy equities: the S&P 500 energy sector is down 14% from its March 27 high, while ExxonMobil and Chevron are each about 20% below their March 30 peaks.
The broader market was also under pressure Wednesday, with the Dow industrials dropping more than 500 points as investors tracked weakness across commodities and stocks.