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The OPEC+ coalition agreed to press ahead with increasing output by roughly 2 million barrels per day starting in August as demand slowly recovers. The article highlights the delicate balance between restoring supply and avoiding a renewed price slump that could boost U.S. producers.
Gradual OPEC+ supply increases cap crude price gains, which reduces the energy cost pressure on diesel, freight and biofuel economics for feed buyers.
axios.comBen GemanJul 16, 2020After 255 past bearish geopolitics events, 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, 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.
