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U.S. crude output reached a record 13.2 million barrels a day in September, the highest of any country and about one in eight barrels of global supply. Prices slid to five-month lows as the added volumes outpaced official forecasts.
The article says the surge complicates OPEC+ calculations.
Record U.S. supply adds to global crude oversupply, pressuring prices and weakening the cost base for biofuel feedstocks. OPEC+ will have to deepen cuts to offset the gain.
ft.comDec 7, 2023After 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.
After 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.
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.
