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Oil rose for a second day after API data showed a 541,000-barrel drop in U.S. crude inventories. OPEC Secretary-General Barkindo said U.S. shale output may be revised down going into 2020 and that a U.S.-China deal could lift demand.
The EIA raised its shale production forecast for next year.
Tighter US inventories and a possible shale slowdown support crude prices. A demand boost from a trade deal would add further support.
energynow.comNov 14, 2019After 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.
After 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.
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.
