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OPEC+ was set to decide whether to extend its historic output curbs, and oil was struggling to hold its rally. U.S. oil-drilling activity fell for an 11th week to its lowest level since before the shale boom.
U.S. crude imports from Saudi Arabia surged and lifted inventories.
Uncertainty over the length of OPEC+ cuts makes crude direction unclear, which affects diesel and freight costs for feed buyers. Rising U.S. inventories temper the supply tightening from the cuts.
ttnews.comOlivia Raimonde, Hailey WallerJun 1, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
