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OPEC and allied nations agreed in a video conference on Wednesday to ease their production cuts, sticking to a previously crafted schedule that allows more oil output in August. The move follows several months of historic curbs imposed during the COVID-19 demand collapse.
Higher OPEC+ supply in August adds crude to a market recovering from pandemic demand losses, which tends to weigh on energy prices and therefore on diesel and freight costs for feed producers.
apnews.comCATHY BUSSEWITZJul 15, 2020After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 51 past bearish geopolitics events, ULSD / Diesel moved a median -2.4% over 5 sessions (37% higher; middle half -8.2% to +3.9%), and -2.3% 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.
