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OPEC+ agreed to keep its August output plan of 648,000 bpd despite mounting recession fears and geopolitical tensions. The group will meet again on August 3 to review market conditions.
Holding the planned increase signals supply remains tight, supporting crude prices even as demand worries grow. Energy costs stay elevated for feed producers.
thenationalnews.comSarmad KhanJun 30, 2022After 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.
After 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.
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.
