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A Reuters survey put OPEC crude output in September at 32.85 million bpd, up 90,000 bpd from August and the highest this year. Members bound by the supply agreement cut output by 70,000 bpd because of declines in Iran and Venezuela, lifting compliance to 128 percent.
Higher production by OPEC offsets Iranian and Venezuelan losses, which tends to soften crude prices and energy costs.
reuters.comAlex LawlerOct 1, 2018After 171 past bearish report events, WTI moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, BRENT moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% 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.
