Loading…
OPEC+ sources said the group is discussing a further easing of oil output cuts from August, with no final volume agreed. The group was returning 2.1 million barrels per day from May through July and was scheduled to meet again on July 1.
Talk of higher output from August is a mild bearish signal for crude, but no decision has been made. Prices are more likely to react to the July 1 meeting outcome.
reuters.comVladimir Soldatkin, Alex Lawler, Rania GamalJun 22, 2021After 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.
After 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.
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.
