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Four OPEC+ sources told Reuters the group will likely ease record oil production cuts from August as demand recovers and prices rebound. No talks on extending the record cuts into August had taken place, so the cuts would most likely step down to 7.7 million bpd until December.
A planned easing of cuts would add crude supply and weigh on prices. Lower energy costs would ease diesel and freight expenses for feed buyers.
reuters.comRania El Gamal, Alex LawlerJun 30, 2020After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), 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.
