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Brent touched a five-month high, with November futures up 69 cents to $46.50, after Abu Dhabi National Oil Company said it would cut October supplies by 30% to meet its OPEC+ commitment. A strong Chinese services survey also supported prices, though analysts cautioned that demand is still weak.
A large OPEC+ supply cut tightens crude balances and tends to lift energy costs for feed and freight. Higher oil also supports biofuel economics, which can underpin vegetable oil demand.
rte.ieRTÉ NewsAug 31, 2020After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
