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OPEC Secretary-General Mohammad Barkindo said the oil market is well supplied and wary of a glut in 2019. OPEC also cut its 2018 and 2019 demand estimates on trade disputes and emerging market volatility, pointing to excess supply.
Lower demand forecasts and a warning of surplus point to softer crude prices, which lowers fuel and freight costs for feed supply chains.
business-standard.comReutersOct 11, 2018After 171 past bearish report events, Crude Oil (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, Crude Oil (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.
