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Oil prices rose on Nov 16 on expectations that OPEC would soon withhold supply, though record US output limited gains. WTI traded near $56.84 and Brent near $67.10.
US production has risen by almost a quarter since the start of the year, and Morgan Stanley warned that OPEC cuts may not address light-sweet oversupply.
Expected OPEC cuts support crude and energy-linked commodities, but the record US output and light-sweet glut cap the upside. Traders should watch whether firmer crude feeds through to biofuel demand and vegetable oil prices.
arabnews.comReutersNov 16, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
