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Oil prices edged up after ADNOC announced a 30% cut to October supplies, up from 5% in September. Prices were also supported by a weak US dollar, and Brent was trading near $46.38 while WTI was near $43.25.
The larger Abu Dhabi cut removes barrels from a market with an inventory glut and supports energy prices. Higher crude costs can raise diesel and fertilizer input costs for feed producers.
offshore-technology.comHimaja GantaAug 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.
