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EIA said Brent averaged $63/bbl in November, up $3 from October, on better US and China economic data and further OPEC cuts. The report cited modest demand and supply-side upward pressures.
Stronger demand expectations and OPEC supply restraint support crude prices, which flow through to diesel and biofuel costs for feed buyers.
ogj.comOGJ editorsDec 10, 2019After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
