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OPEC Secretary-General Barkindo said a deeper oil supply cut is among the options for OPEC+ at its December 5-6 meeting in Vienna, with all options open. Brent traded near $58, and OPEC forecasts pointed to slower 2020 demand growth.
A possible deeper cut would support crude prices, which feed into diesel and energy costs for feed mills and transport.
aljazeera.comReutersOct 10, 2019After 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 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.
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.
