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The new Saudi energy minister urged OPEC producers to share the burden of supply cuts. The OPEC-plus group had agreed to extend production cuts of 1.2 million bpd until March 2020.
Trade tensions between China and the US have kept oil prices from rising significantly.
Calls for shared cuts point to possible further supply restraint, which could support crude prices. However, weak demand from trade tensions limits the upside for energy costs that feed into grain and feed markets.
apnews.comAya BatrawySep 9, 2019After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
