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The OPEC+ Joint Technical Committee kept its 2021 global oil demand growth forecast at about 6 million bpd, according to two sources. The committee met ahead of a ministerial meeting on Tuesday.
The forecast was unchanged from its previous assessment.
An unchanged demand forecast gives no new signal on crude demand, so prices are unlikely to move on this alone. Attention stays on the ministerial decision on supply.
brecorder.comReutersMay 31, 2021After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% 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.
