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OPEC and allied producers were reported to be debating at least two scenarios for raising output beyond current levels. Internal simulations suggested a glut could develop if curbs were relaxed too quickly.
No decision was expected until OPEC's next full meeting in June.
Possible future output increases are a bearish risk for crude, but the glut warning makes a quick increase less likely, leaving prices broadly neutral for now.
en.mehrnews.comMay 19, 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.
