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OPEC is expected to roll over its supply-cut deal at the Vienna meeting on July 1-2 and discuss deeper curbs. Iraq's oil minister said the rollover would at least keep current levels, and Algeria had floated a cut of about 600,000 bpd.
Exxon has also evacuated staff from an Iraqi oilfield for security reasons.
Expectations of a rollover with possible deeper cuts support crude prices. Energy costs feed into the diesel and fertilizer costs of feed production.
arabnews.comReutersJun 28, 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.
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.
