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OPEC+ kept its previously agreed output increase of 648,000 barrels per day for August, the same increase as for July. The group, led by Saudi Arabia and Russia, refrained from any decision beyond August despite calls for larger increases.
Oil prices fell after the announcement.
The planned increase adds modest supply, but OPEC+ members are struggling to meet quotas, so the extra barrels may not materialize. Crude prices face mild downward pressure, which feeds into diesel and energy costs for feed producers.
dawn.comAFPJul 1, 2022After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
