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OPEC+ agreed to lift September crude supply by 100,000 barrels per day, far slower than the 648,000 bpd added for July and August. The group said it would meet again on September 5 and noted limited spare capacity.
Brent had fallen below $100 a barrel on recession fears.
Limited spare capacity means the group cannot quickly bring extra barrels to market, so crude prices remain sensitive to supply shocks. Higher energy costs continue to feed through to feed and fertilizer prices.
thenationalnews.comSarmad KhanAug 3, 2022After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
