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OPEC+ experts said uncertainties from rising virus infections and lockdowns could slow the recovery in oil demand. The report noted that commercial OECD stocks remain above the 2015-2019 average even as they are being drawn down.
Warnings of fragile demand cap upside for crude prices, though inventories still above average limit the bearish impact on energy costs.
brecorder.comReutersMar 31, 2021After 171 past bearish report events, 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, 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.
