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OPEC and Russia are not yet discussing extending record oil output cuts into August, according to four OPEC sources cited by Reuters. The sources said the group was likely to ease output reductions.
WTI was down about 1% near $39.20.
Signals of easing cuts from August point to more crude supply, which pressures energy prices and related input costs for feed producers.
octaafrica.netJun 30, 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.
