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OPEC scrapped its planned April meeting and will decide in June whether to extend output cuts. Saudi Energy Minister Khalid al-Falih said the market looked oversupplied until year-end but that April was too early for a decision.
U.S. sanctions on Iran and Venezuela are complicating supply forecasts.
Delaying a decision keeps the cuts uncertain through the second quarter, which supports crude prices in the near term while the market waits for June guidance.
voanews.comReutersMar 18, 2019After 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.
After 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.
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.
