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OPEC said on August 10, 2023 that oil market prospects look healthy for the second half of the year. It held its robust 2024 oil demand forecast and raised its global economic growth outlook.
Crude prices had reached their highest since January.
A firm demand outlook from the largest producer group supports crude prices, which keeps energy and freight costs elevated for feed buyers.
reuters.comAlex LawlerAug 10, 2023After 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.
