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A Reuters survey found OPEC oil supply fell in December by the largest amount in almost two years, with top exporter Saudi Arabia starting its supply cut early. Crude prices were choppy as the cuts were weighed against demand concerns.
A sharp drop in OPEC output tightens crude supply and supports energy prices, which raise input costs for feed and fertilizer. Demand worries limit how far the price can rise.
cnbc.comReutersJan 3, 2019
reuters.comStephanie KellyJan 3, 2019After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
