Loading…
OPEC+ agreed to add 100,000 barrels per day to the market from September, a much slower pace than recent increases. The decision came after US President Biden travelled to Saudi Arabia to press for more output.
Analysts described the increase as too small to matter.
The minimal increase leaves the physical market tight and offers little relief from high fuel prices. Feed producers face continued elevated diesel and energy costs.
bbc.comSameer HashmiAug 1, 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.
