Loading…
Brent briefly traded just above $80 a barrel, near the level at which OPEC+ has previously cut output. Commerzbank says the OPEC+ monitoring committee meets on August 1, though sources expect no policy change.
It warns that Saudi Arabia and Russia could cancel the planned unwinding of voluntary cuts if demand concerns persist.
Possible OPEC+ supply restraint would support crude prices and raise energy costs for feed producers. Continued demand worries would make such a reversal more likely.
octaafrica.netJul 26, 2024After 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.
After 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.
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.
