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OPEC cut its 2024 global oil demand growth forecast to 1.61 million bpd from 1.82 million, the fifth consecutive monthly cut. It also lowered its 2025 growth estimate to 1.45 million bpd from 1.54 million.
Weaker demand growth forecasts signal a looser crude market, which pressures energy prices and reduces support for biofuel-linked vegetable oil demand.
reuters.comAlex LawlerDec 11, 2024After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% 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.
