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A Bloomberg survey found that OPEC raised its output by 190,000 barrels per day in January. The increase is consistent with the agreement between the group and its allies to bring back some of the supply halted during the pandemic.
Rising OPEC output adds barrels to a market that has been in deficit. The increase is modest, so the price effect is limited, but it points to a gradual loosening of supply.
bloomberg.comGrant Smith, Julian LeeFeb 1, 2021After 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.
After 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.
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.
