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Oil fell about 3% on June 30 after OPEC+ confirmed it would raise output by the previously agreed 648,000 bpd in August and avoided setting policy for September onward. Brent September settled at $109.03 and WTI at $105.76.
Traders also squared positions ahead of the US holiday.
Uncertainty over future OPEC+ supply additions and recession fears weigh on crude demand expectations. Softer crude prices could ease diesel and freight costs for feed buyers over coming weeks.
businesstimes.com.sgJun 30, 2022
cnbc.comReutersJun 30, 2022After 215 past bearish policy events, 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, 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.
