Loading…
A Reuters survey shows total OPEC output fell by 110,000 bpd in November, and the 11 members that cut production reduced output by 1.235 million bpd, equal to 152% compliance. October's estimate was revised up by 90,000 bpd on new data for Iran and Ecuador.
Output falling with compliance above 100 percent supports crude prices by tightening supply. The data is a routine monthly survey whose effect is largely already expected.
financialpost.comReutersNov 29, 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.
