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OPEC cut its 2024 global oil demand growth forecast to 2.11 million barrels per day, citing weaker expectations for China. The report highlights the difficulty OPEC+ faces in raising production from October.
A weaker demand outlook, especially from China, points to a looser crude market and downward pressure on prices. Lower energy costs ease diesel and freight expenses for feed buyers.
reuters.comAlex LawlerAug 12, 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.
