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OPEC and other major producers agreed in Vienna to raise crude output from July by about 1 million bpd, though Iraq estimated the real increase at about 770,000 bpd. US crude rose about 4.7% to $68.65 and Brent gained about 2.5% to $74.91 on the announcement.
The modest, below-expectation increase offsets supply losses and tightens the market, which lifts crude prices. Higher crude raises diesel and fuel costs for feed transport and processing.
energynow.comReutersJun 22, 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.
