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OPEC and allied producers agreed to raise crude output by 648,000 barrels per day in August. The increase is expected to do little to relieve high gasoline prices or energy-driven inflation.
The OPEC+ alliance has been unable to meet its announced production quotas.
A supply increase that producers cannot fully deliver gives limited relief to crude prices. Energy costs for feed milling, transport and fertilizer stay elevated.
timesfreepress.comThe Associated PressJul 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.
