Loading…
Saudi Arabia and Russia said OPEC+ would prioritise drawing down crude inventories while keeping customers supplied. Early indications were that the group would roll over its 1.2 million bpd output curbs into the second half of the year.
Saudi Energy Minister Khalid al-Falih described the market as quite foggy.
A likely rollover of production cuts tightens crude supply and supports oil prices, raising energy costs for feed producers.
thenationalnews.comJennifer GnanaMay 19, 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.
