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Reuters survey found OPEC October crude output rose 690,000 bpd to 29.59 million bpd as Saudi production recovered quickly from September attacks. Compliance with the supply pact rose to 140% in October, and analysts said Saudi Arabia would cut further if needed to keep prices stable.
Higher OPEC output eases supply tightness and weighs on crude, though analysts' readiness to cut further limits downside for energy costs.
investing.comOct 31, 2019After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% 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.
