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Oil rose after signs that OPEC and its allies would extend production cuts beyond June, with Saudi Energy Minister Al-Falih urging the group to stay the course. Gains were limited by rising US inventories and the deteriorating US-China trade relationship.
Middle East tensions and involuntary outages in Venezuela and Russia also supported prices.
Extended OPEC+ cuts keep crude supply constrained, supporting diesel and energy costs for feed logistics. Trade-war demand worries and rising US stocks limit how far prices can rise.
energynow.caMay 21, 2019 by Tsuyoshi Inajima and Grant SmithMay 21, 2019After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
