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Saudi crude output reportedly reached 11.1-11.3 million bpd in November, up about 0.5 million bpd from October and over 1 million bpd above early 2018 levels. The increase came under U.S. pressure to keep markets supplied.
Higher Saudi output adds to global supply and is bearish for crude, pressuring energy-linked costs and diesel prices.
reuters.comRania El GamalNov 26, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
