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OPEC and other top crude producers in Vienna agreed to raise output from July by about 1 million bpd, with Iraq estimating the real increase near 770,000 bpd. Brent settled up 3.4% at $75.55 and US crude rose 4.6% to $68.58, helped by a surprise large drawdown at Cushing.
Output increases that fall short of expectations, combined with inventory draws, support crude prices. Higher crude feeds through to energy and transport costs for feed producers.
cnbc.comSam Meredith, Patti Domm, Tom DiChristopherJun 22, 2018
dw.comJo HarperJul 1, 2018
theglobeandmail.comJessica Resnick-Ault, Andres Guerra LuzJun 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.
