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Citing OPEC sources, Reuters reported that OPEC and allies are considering deeper oil cuts at their December meeting because of a weak 2020 demand outlook. Sources said Saudi Arabia wants compliance from Nigeria and Iraq first, and WTI rose 2.3% to about $54.65.
Possible further supply cuts support crude prices, which lift diesel and energy input costs and can support vegetable oil prices through biofuel margins.
octaafrica.netOct 22, 2019
worldoil.comJacquelyn MelinekOct 22, 2019After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
