Loading…
OPEC said it would not shirk its responsibilities as Covid-19 fears pushed prices down. Sources said the planned January output increase could be reversed if needed, and Saudi Arabia's energy minister said the group had been flexible.
Signals of possible reversal of the January increase support prices, but oil still fell on demand fears, so the net effect is mixed.
oilprice.comJulianne GeigerOct 19, 2020After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
