Loading…
Saudi Energy Minister Khalid al-Falih said he saw no oil shortage because global inventories were still rising, especially in the US. He said OPEC would respond to market needs and decide on output at its June meeting.
OPEC+ had agreed to cut output by 1.2 million bpd from January 1 for six months.
Confidence that supply is ample limits near-term crude price gains, which keeps fuel and freight costs for feed buyers stable.
kuwaittimes.comMay 18, 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.
