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OPEC+ ministers are due to meet on Tuesday and are expected to approve output increases scheduled for the next two months. Attention is on the group's plans for bringing back millions of barrels still offline from the pandemic.
Analysts cite a supply gap in the second half of the year as demand recovers, balanced against virus risks and Iranian supply prospects.
Fuel demand recovery in the US and China supports crude prices, while the pace of supply return limits upside. The outcome will set the trend for diesel and energy costs facing feed producers.
energynow.comMay 31, 2021After 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.
