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OPEC+ was set to meet to review compliance with production quotas amid fragile oil markets. The IEA and OPEC both cut their 2020 demand forecasts, with OPEC seeing demand fall by 9.5 million barrels per day.
Analysts said slow price recovery was testing the group's unity.
Weaker demand forecasts point to continued pressure on crude, which lowers energy and fuel costs for feed logistics. Any move to restore supply would add further downward pressure.
thenationalnews.comJennifer GnanaSep 16, 2020After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
