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An OPEC+ expert panel cut its 2021 global oil demand growth estimate to 5.6 million bpd from 5.9 million bpd, with the largest reduction from April to June. The panel flagged rising Covid-19 infections and renewed lockdowns ahead of the production decision.
A lower demand outlook suggests less need for restored output, which weighs on crude prices and points to softer energy costs for feed producers.
worldoil.comGrant Smith, Salma El Wardany, Javier BlasMar 31, 2021After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
