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Crude oil futures fell again, with WTI opening at $58.88 per barrel, the lowest since late 2017. A brief rally followed reports that Saudi Arabia wanted a 1 million bpd supply cut in 2019, but Trump publicly opposed cuts.
A possible OPEC supply cut could firm crude prices and, through energy costs, support feed input prices. Uncertainty over US political pressure on OPEC leaves the price outlook volatile.
fuelsmarketnews.comAbout The AuthorNov 13, 2018After 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.
