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OPEC+ is set to discuss a 2 million bpd increase through July, with the June ministerial meeting on June 1. Analysts say the group may hold off on the July increase, and a possible return of Iranian crude could arrive before Iran's June 18 presidential election.
Covid-19 surges in India are adding uncertainty to demand.
A possible return of Iranian barrels alongside OPEC+ increases would add supply and could pressure crude prices. A pause in the July increase would limit that pressure.
thenationalnews.comJennifer GnanaMay 30, 2021After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
