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Oil traded near $41 a barrel in New York ahead of an OPEC+ monitoring committee meeting on Oct 19. Demand concerns from renewed coronavirus infections and additional Libyan supply were highlighted.
Stalling demand and expected supply increases point to pressure on crude prices, which influences energy and input costs for feed production. The story describes a steady market before a scheduled meeting.
moneyweb.co.zaJames Thornhill, Elizabeth Low, BloombergOct 19, 2020After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% 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.
