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A Bloomberg survey showed OPEC oil output fell by 490,000 barrels a day in January to 26.57 million bpd. About half of the drop came from Iraq and Kuwait, as the group and its allies began a new supply pact.
A sizeable drop in OPEC output tightens supply and supports crude prices. The reduction is part of the effort to prevent a global surplus.
bloomberg.comGrant Smith, Julian Lee, Bill LehaneFeb 1, 2024After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
