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Oil fell about 0.6% to $43.26 for Brent and WTI fell to $39.98 as OPEC and allies began winding back production cuts in August. Oil output by OPEC rose by over 1 million barrels per day in July, and rising COVID-19 cases pointed to slower fuel demand.
Returning OPEC+ supply adds barrels to a market that is already oversupplied, which weighs on energy prices. Lower crude reduces diesel and freight costs for feed buyers.
brecorder.comReutersAug 3, 2020After 210 past bearish policy events, BRENT moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, WTI moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
