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A Reuters survey shows OPEC crude output rose in July, with total OPEC 10 output at 20.94 million barrels per day versus 19.96 million in June. Compliance with the 9.7 million barrel per day pledged cut was about 94 percent.
Rising OPEC output and high compliance point to more supply returning to the market, a modestly bearish signal for crude and energy-linked costs.
financialpost.comReutersJul 31, 2020After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
