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Dated Brent slipped below $80/b for the first time in about seven months, assessed at $79.14/b on July 30. Prices fell on concerns about China's economy and rising non-OPEC+ output ahead of the August 1 committee meeting.
OPEC+ members are weighing whether to defend prices or market share, and an October rollback of voluntary cuts is in focus.
Weaker crude lowers energy and diesel costs but signals softer demand and more supply, which can weigh on biofuel-linked feedstock values. A possible OPEC+ pause or rollback change would shift the price outlook.
spglobal.comRosemary GriffinJul 31, 2024After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
