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Major oil producers were to meet in Abu Dhabi on Nov 11 to consider reverting to output cuts after crude fell by a fifth in a month. Brent dropped below $70 for the first time since April and WTI fell below $60, a nine-month low.
The slide was attributed to rising US, Saudi and Russian supply and signs of softer demand.
A possible OPEC-plus production cut would support crude and energy-linked prices, which matter for biofuel and fertilizer costs. The article is a pre-meeting report, so its impact is largely superseded by later reporting on the outcome.
energy.economictimes.indiatimes.comET EnergyWorldDec 1, 2018After 626 past bullish geopolitics events, 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, 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.
