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A column reports that OPEC+ is set for a three-month output rollover, noting the April production schedule implies nearly 2 million bpd of increases from January. Global inventories remain well above their five-year average and consumption has recovered more slowly than expected.
A rollover instead of a 2 million bpd increase would keep supply tighter than planned, which is supportive for crude prices, though a COVID-driven demand slump limits the upside.
reuters.comJohn KempOct 27, 2020After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
