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OPEC's Economic Commission Board, its main advisory group, reportedly recommended that the cartel trim output by 1.3 million barrels per day from October 2018 levels to balance supply and demand in 2019. The recommendation was relayed by an unnamed delegate.
A cut of this size would tighten crude supply and typically lift crude prices, which feed into diesel and biofuel costs and sentiment across the energy-linked feed chain.
bloomberg.comGrant SmithNov 30, 2018After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), 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.
