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Oil rose for a second month as OPEC+ forecast that global inventories would fall sharply from September through December if the group keeps its plan. The alliance is expected to approve a July production increase of about 2 million barrels a day at its meeting on Tuesday.
OPEC+ forecasts of falling stockpiles and strong demand support crude prices into the second half. Higher energy costs raise freight, fertilizer and processing expenses for feed producers.
independent.ngAgency ReportMay 31, 2021After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
