Loading…
A Bloomberg survey found OPEC pumped an average of 28.05 million bpd in December, with cuts by the UAE and Angola offset by gains in Nigeria. Output held steady as the group kept its earlier supply restraints.
Stable OPEC output in December means no added supply pressure on crude prices heading into the new cuts.
bloomberg.comGrant Smith, Julian Lee, Bill LehaneJan 3, 2024After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% over 20.
After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% 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.
