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OPEC sources said the group wants to extend current oil output cuts until at least June, with deeper reductions possible if China's oil demand is significantly hit by the new coronavirus. Brent traded below $60 after hitting a three-month low of $58.50 on Monday.
A deeper or extended OPEC+ cut would tighten crude supply and could offset weaker demand from China, supporting oil prices that feed into diesel and energy costs for feed producers.
arabnews.comReutersJan 28, 2020
octaafrica.netJan 28, 2020After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% 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.
