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OPEC+ is preparing to restore about 1.5 million barrels per day of output next month, even as a resurgence of coronavirus is slowing the oil demand recovery. Reuters-style analysis notes demand exceeded supply in July by about 2 million barrels per day, and Brent has nearly tripled from April lows to around $43.
The planned supply increase arrives as demand falters, raising the risk that prices fall again and reducing energy-linked support for vegetable oils and biofuel feedstocks.
worldoil.comGrant SmithJul 31, 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.
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.
